8 in 10 Indians opt for mobile banking apps in pandemic

Over eight in ten Indians with a bank account in Metro cities now use mobile banking apps that saw a surge amid the COVID-19 pandemic, as per a new report.

Mobile banking apps are the most popular banking channel in Asia, with 83 per cent of Metro Indian and 78 per cent of Metro Chinese online adults with a bank account using their mobile banking app at least monthly, according to global market research firm Forrester. “The pandemic has redefined how customers engage with banks and accelerated digital transformation in banking,” the report added.

ATM use is in decline as digital payments soar and the COVID-19 pandemic has driven consumers toward digital payments. “Tech titans Amazon, Ant Group, Apple, Google, Meta, Ping An, and Tencent are using digital technologies like mobile, cloud, application programming interfaces, real-time data, and flexible architecture to enable collaboration,” it said.