Most Indians use Mobile Banking to check balance, increasing digital penetration of banks

According to a survey conducted by global IT services company Accenture, 67 percent of Indians use mobile banking only to check their bank account balance. While only 42 percent rated their bank's customer service as excellent, more than half (54 percent) of consumers faced difficulties in accessing human assistance in times of need.
The survey also revealed that while the digital penetration of banks has increased, they are now coming to terms with the reality that digital channels are functional but not emotionally efficient.
Sonali Kulkarni, Head of Financial Services, Accenture, said banks need to bridge this gap by humanizing digital transactions. The survey covered 49,000 people from 33 countries and 2,000 consumers from India.
The survey also revealed that nine out of 10 people have recently bought a product from a financial institution other than their main bank. About 78 percent of consumers across various age groups in India want to have bank branches in their area. Seven out of 10 consumers go to the bank for complex problems.