Mobile Banking in India

Source: businessstandard.com

In a report titled,"Mobile Opportunities for the Financial Sector," which was conducted in five countries, the Indian users were found to be more aware of mobile banking than those in other countries. It was found that one of every three Indians, with a bank account, were ready to switch to another bank if offered free mobile banking.

According to the survey, 81 percent of the users surveyed are aware that they can check bank balance on a mobile phone, while 49 percent have used these services in the last three months.

The survey showed that Indian consumers(71 percent) are more aware of the offerings provided by their banks on mobile, as compared to their counterparts in other regions. Almost a half of the Indian respondents checked their bank balance on their mobile phones and 54 percent via internet.

The biggest concern among the Indian users is security while accessing their accounts on mobile phones.