(MoneyLife)
While the government has been pushing people to go online when it comes to banking, the branch still continues to dominate banking channels in India, with 94 per cent of retail banking customers having visited the branch/store at least once in the past 12 months, a new study revealed on Monday. According to the 2017 Oracle J.D. Power India ‘Retail Banking Study,’ despite the impetus provided by demonetisation, digital banking is not yet a pervasive experience in India.
“Most banking relationships still begin and continue at the branch. However, there is great potential for banks to move more into the digital space. Only 51 per cent of retail banking customers have a reliable online banking experience with their main financial institution,” said Gordon Shields, senior director, J.D. Power, a US-based global marketing information services firm.
