ATMs, the most frequently used banking service - Nielsen

Televisionpoint.com Correspondent
As time constraint is becoming a major issue with most people and anytime banking becoming one popular phase, the long queue for banking work is shifting from inside a branch to the ATMs counters. 89 percent of the Indian respondents use their Main Bank ATMs atleast once a month, according to a study conducted by The Nielsen Company.

The Nielsen Company surveyed 25,408 Internet users in 46 markets from Europe, Asia Pacific, North America and the Middle East about how often they use a variety of banking services, including Internet and telephone banking, ATMs and bank branches. Nielsen also asked respondents how loyal they were to their main bank.

For most consumers banking is now just a click away with more and more consumers opting for online banking. 68 percent of Indian respondents use the Internet banking service provided by their main bank atleast once a month. Telephone banking is not far behind, with 35 percent of the Indian respondents agreeing to use the tele-banking facilities provided by their bank. This figure is the highest for Asia Pacific and the third highest globally, a contrast with the global average of 62 percent respondents who claim never to use telephone banking, lead by 93 percent of Japanese

"The telecom revolution that the country has witnessed over the last few years is probably the factor behind the widespread use of telephone banking in India. Internet has still nominal usage across the length and breadth of the country and there is still apprehension about the security when it comes to online transaction. Various Banks are promoting security message but Indian customers definitely need to be more assured about data security in online space if banks intend to increase the online usage." Said Rajiv Bagayatkar, Associate Director, Client Services The Nielsen Company, India.

Though convenient banking is valued, over half the Indians surveyed (51%) still visit their main bank branch at least once a month. And when it comes to loyalty to one's bank, 68 percent claim to be very or slightly loyal to their main bank, with 52 percent of Indians are loyal to their banks, this being the highest percentage in Asia Pacific and the sixth highest globally. 59 percent of Canadians the most loyal of all, followed by over half of Czechs, Danes and the French. Least loyal to their banks by a long way are the Japanese, with 29 percent claiming not to have any loyalty to their bank, compared to a global average of six percent.

"Bank is essentially a service industry and familiarity with how a bank functions and the people around goes a long way in keeping a consumer loyal. Indian banks should build on this and also keep an eye on the online shopping and payment behaviour to ensure their online banking customers remain truly engaged with the brand," commented Bagayatkar.