Mobile Banking: Most widely used Indian cell phone service

Today while I was going through my RSS reader, I came across a news 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.  

I have covered earlier the tremendous growth Indian Telecom sector is witnessing currently.

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

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:

• 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.

If this survey is true, it is quite clear that cell phones are having a huge influence on areas other than just communication too.

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Author: Arun Prabhudesai

Arun Prabhudesai is founder / chief editor at trak.in. He jumped the Entrepreneurship bandwagon in early 2008 after a long 13 year stint in I.T Industry. You can follow him on twitter @trakin or get in touch with him at admin-at-trak-dot-in or 91.9822575676.

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