India Mobile Banking Savvy!

One out of every three people in India is ready to switch to another bank if its offers them free mobile banking, states an Asia Pacific survey on mobile banking opportunities. The survey notes that Indian users are much more aware of mobile banking than the others countries.

The report titled, ‘Mobile Opportunities for Financial Sector’ was conducted in five countries including India, and 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% of Indian respondents are aware they can check bank balance on a mobile phone, while 49% have used the services in the last three months-- the highest amongst the five countries surveyed in the region. Almost 42% of Indian consumers are able to state their bank balance at any given time. The survey also points out that consumers in India (71%) are much more aware when compared to their counter parts in the other regions on the offering from their banks on mobile phones.

Meanwhile, 50% of Indian respondents checked their bank balance on their mobile phone and 54% via the Internet-- although the majority still obtain account balance information through brick and mortar facilities.

However, 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% for both). Indian respondents also expressed the most willingness to pay for these services.

Kaustuv Ghosh, country manager Sybase 365 India said, "Indian bank’s need 360 degree 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."

Mobile banking is gaining traction in Asia Pacific on a number of levels, though the speed at which each region adopts mobile banking clearly differs. India has a greater enthusiasm for mobile banking services.