Indians most mobile banking savvy: Survey

Today, I came across a news item in Business Standard about “Indians being most mobile banking savvy’ based on a recent survey. Normally, I do not really take these surveys too seriously due to the faulty nature of data gathering that happens for most of the surveys. However, I am inclined to believe these figures due to popularity of cell phones in India.

The mobile sector in India has grown from around 10 million subscribers in 2002 to reach 150 million by early 2007 registering an average growth of over 90% year-on-year basis..

India’s mobile growth is among the fastest in the world. The mobile phones have already surpassed landlines by a huge margin.

Mobile Banking is one of the popular Mobile services that are utilized by Indians. Have a look on the data gathered from this survey:

• 1 out of every 3 people in India is ready to switch to another bank if it offers them free mobile banking.
• 81% of Indian respondents are aware they can check bank balance on a mobile phone.
• 49% have used the services in the last three months.
• 42% of Indian consumers are able to state their bank balance at any given time.
• 71% consumers in India are much more aware when compared to their counter parts in the other countries on the offering from their banks on mobile phones.
• 50% of Indian respondents checked their bank balance on their mobile phone and 54% via the Internet.
• Majority of respondents expressed concern over security of data on Mobile Banking.

So it could be said that if the data presented here is ture than, in the years to come we would see people using there cell phones to use the banking services and this will lad to shorter queues at a banking counter and other hassel free jobs. This trend also tells us that mobile will have a huge impact not only on this but also on various other areas like insurance etc too.

What do you think about this. Have your say on this and let our readers know your views too and have a great Mobile Banking.