One of every three Indians with a bank account is ready to switch to another bank on being offered free mobile banking, states an Asia Pacific survey on mobile banking opportunities.
The survey found Indian users to be more aware of mobile banking than those in other countries. The report titled, 'Mobile Opportunities for the Financial Sector' was conducted in five countries.
It was commissioned by Sybase 365, a subsidiary of Sybase, along with BDM Intelligence - a custom market research firm in Asia. It surveyed 1,818 mobile users.
The survey states that 81 per cent of Indian respondents are aware they can check bank balance on a mobile phone, while 49 per cent have used these services in the last three months-the highest amongst the five countries surveyed in the region.
The survey found out that consumers in India (71 per cent) are more aware when compared to their counter parts in the other regions on the offerings their bank provides on mobile phones. Almost a half of the Indian respondents checked their bank balance on their mobile phone and 54 per cent via the Internet.
The biggest concern among the Indian user while accessing details through mobile phones is security. In line with this, they accounted for the largest percentage of survey respondents expressing an interest in the ability to report potentially fraudulent transactions and to freeze cards via their mobile phones (67 per cent for both). Indian respondents were also the most willing to pay for these services.
Kaustuv Ghosh, country manager Sybase 365 India said, "Indian banks needed a comprehensive view of mobile service deployment and its benefit to customer and operational expenditure alike.The survey reveals a growing culture of financial awareness as customers are becoming increasingly vigilant when it comes to their money."
Banking on technology
- 50% of the respondents use mobiles for checking their bank balance
- 29% think mobile banking is safe
- 41% are ready to pay for services that allow them to freeze a card
- 35% are ready to pay for reporting a potentially fraudulent transaction
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