Customer confidence in new-age banking system is growing: Bain report

Digital banking is all about customer convenience. Over the past decade, digital banking has seen tremendous growth, driven largely by fintech and new-age technology companies that have brought convenient, cluster-free approaches to the banking ecosystem, offering much more than just banking services. A fallout of this is the flight of business from retail banks to these new era players, who are becoming more prominent year on year. According to Bain & Co’s Customer Banking Report in Retail Banking based on a survey of 22 countries, customer confidence in new era banking is growing, helping start-ups enter the mainstream. According to the survey, 75% of respondents in India said they had used Paytm in the past year, while 70% of those in China said they had used Alipay.



What do you get on Business Standard Premium?


Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

First published: Thu 09 January 2020. 00:15 IST

Comments are closed.