Banking survey shows digital connect top priority for clients

The survey, covering over 10,000 banking consumers in 10 countries including India, Australia, Canada, Germany, Philippines, the UK and US, offered insights into the mindset of Indian customers and their attitude towards banking.

For starters, millennials are being hailed as the drivers of a financial revolution that is witnessing the transformation of the industry from a banking-centric to a lifestyle-centric approach. In keeping with the trend of mobile banking, many are opting for digital alternatives as against traditional financial advisor. Over 28 per cent of millennials are receptive to online wealth management tools and another 22 per cent expressed a desire for online financial coaching. On the flip-side, a major chunk of this consumer segment, 72 per cent of millennials, have no financial advisors.

To this segment, being digitally connected to the bank than traditional concerns such as reliability and transparency is important.

With regard to the service providers, financial institutions in India gained six points on last year’s PACE Index score, achieving a score of 74, but still fell below the global Index average by five points, securing the second-lowest PACE Index out of 10 countries. Like last year, banks in India struggled with the image of not being fully supportive of their customers.

On a positive note, banks scored high on security, an attribute rated by respondents as the most important. Banks also surpassed customer expectations in areas such as connectivity, omni-channel access, digital payments and personalised service.

According to Ramaswamy Venkatachalam, Managing Director, India and South Asia, FIS, “This year’s PACE Index makes it clear that financial institutions should aid customers in transitioning by making products easier to use, offering innovative technology and services, and providing guidance that helps customers achieve their financial goals. This shift to a convenient digital landscape is especially important for India’s banks as the country significantly exceeds the global average for personal financial management app usage.