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India tops the ‘Happy Banking Customer’ score

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Harmeet
New Update

BANGALORE, INDIA: A new white paper from IDC sponsored by SAP reveals that India scores the highest on the happiness quotient of its banking citizens. Across India, banks are fiercely competing to gain customers and grow their deposits.

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Additionally, the survey also points out that 30 per cent of Indian customers are phone banking users as it enables them to transact even while they are on a move. The study reaffirms Indian Bank's commitment to growth with their focus to enter new markets, engaging customers in new ways by creating new offerings.

"Across India, economic growth, changing demographics, the expanding middle class, and rapid urbanization are disruptive forces which are creating new opportunities for banks with forward-looking leadership. The most successful banks of this decade will be those which use technology to optimize customer experience and create many happy customers through multi-channel banking, utilization of cloud and real time big data analytics." said Andrew Pitcher, senior VP and GM for Financial Services Industries at SAP Asia Pacific Japan.

According to the research, the standout factor for Indian customer happiness is a bank's online services. This is followed by banks' transaction efficiency and finally their physical locations. Customers at smaller Indian banks are happier on average than their counterparts at larger institutions, which may create an environment where smaller upstarts can grow quickly to better compete with larger, established players.

Top three important findings from the research are as follows:

* India had the highest happiness score of the countries included in the region.

* 30 percent of respondents from India were phone banking users in a country where online still remains an important channel - the highest among all countries researched.

* While SMS-based systems remain popular in India, mobile banking through smartphones has yet to take off primarily because of low penetration of such devices in the country.