58% Indian online adults in metros may switch banks: Survey

About 58 per cent metropolitan Indian online adults may switch banks this year, according to a survey by market research firm Forrester.

"Poor digital experience" is one of the main reasons cited by people who said they want to switch their banks.

Other key factors for switching are poor customer service, lack of trust in the financial provider and existence of better alternatives, the results showed.

The survey involved nearly 3,000 metro Indian online adults to understand their expectations when interacting with Indian financial services firms.

The research revealed that 83 per cent of the participants want to be able to perform any financial task on a mobile device.

Nearly a third of the participants (31 per cent) said they are unlikely to switch banks because they have had a good experience with their existing provider.

An almost equal number of adults (32 per cent) said they will switch to a banking provider that focuses on "improving customers' financial well-being".

"To win, serve, and retain customers, Indian banks must focus on delivering better service and excellent digital experiences to customers while helping them improve their financial well-being," said the report.IANS