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Online Banking 2006
There are 38.5 million Internet users in India and the number is set to grow to a 100 million by 2007-08. An estimated 4.6* million Indian Internet users are Banking Online today and with the efforts of the government and the industry the number is expected to grow to 16+ million by 2007-08 including both Internet and Mobile Banking.
To ensure and maintain the momentum, IAMAI commissioned a detailed study providing analysis and recommendations that provide an understanding of 'Online Banking in India' and help customers adopt this medium for their banking needs.
Most banks have Web sites, but only a few offer Online Banking services - Online Banking Services include checking statement details, paying bills, transferring funds, ordering checks, setting up direct deposit authorizations, making stop payments etc. It also includes interactive services such as applying for credit or debit cards, mortgages, auto and personal loans, etc�
There are many advantages of Online Banking. It is convenient, it isn't bound by operational timings, there are no geographical barriers and the services can be offered at a minuscule cost. The results of the survey clearly indicate that Online Banking is accepted and used across the country. Prominent tier-II cities and towns are witnessing a pick up in online activity.
Cross Tab Marketing Services, a pioneer in the field of online research, conducted the survey on behalf of IAMAI. The study was conducted online in December 2005 and the target audience comprised Internet users at large with a sample size of 6365 respondents. The coverage cut across age, gender, educational and occupational bias. It was undertaken with a view to understand the Internet users who banked online, their aversions and preferences associated with Online Banking, the Online Banking experience, propensity to start Banking Online, factors that would increase the usage of the service and in the nuances of Banking Online.
(*Estimate is based on information from limited banking sources and is not a complete representation)