More than six in 10 Indians (67 percent) said the majority of their mobile banking logins are simply to check account balances, according to a new report released on Monday.
According to global IT services firm Accenture, only 42 percent of respondents rated their primary bank’s customer service as excellent and more than half (54 percent) had trouble getting human support when they needed it.
“Indian banks have achieved significant digital penetration across their value chain, but are now facing the reality that digital channels are functionally sound but emotionally empty. Banks must close this gap by humanizing and personalizing digital transactions “said Sonali Kulkarni, Leader – Financial Services, Accenture in India.
The report surveyed 49,000 consumers in 33 countries, including 2,000 in India.
Additionally, the report found that around 36 percent rated their bank highly in terms of the range of products and services offered, and only 35 percent rated their bank highly in the competition of personalized financial advice, leading to consumers to look for new suppliers.
Nearly nine in 10 (88 percent) recently purchased a financial services product from a provider other than their main bank.
Around 78 per cent of consumers in India across all age groups prefer to see branches in their neighborhood as they represent stability and availability.
Additionally, seven in 10 (70 percent) turn to branches to solve specific and complex problems.
The report further states that many consumers, especially younger age groups, are finding it difficult to manage their growing number of financial service providers due to increased fragmentation.
About 53 percent of consumers often lose track of their financial products and services.
The report suggested that banks can leverage artificial intelligence, data and analytics to better identify customers’ financial intent, have more personalized conversations that flow seamlessly across digital and physical channels, and offer relevant and relevant products and services. holistic, including non-bank offerings.