294 mn transactions done through mobile banking: Report

Chennai: Global payments technology company Financial Software and Systems (FSS) on Thursday said it has witnessed 294 million transactions valued at $9 billion through mobile banking in the first six months of this year.

According to the company president-retail payments Suresh Rajagopalan, the report FSS Digital Banking Trends 2019 was conducted between January and June across the country. The findings of the study would help banks improve channel performance and identify the areas for maximising the return on investments, he said.

Sharing some of the key insights, he said, "In the first half of 2019, FSS processed 294 million transactions totalling $9 billion in value."

"Features tied to accessing and managing bank accounts are most sought-after by customers as per the study. While financial transactions constitutes 25 per cent non-financial transactions like balance enquiry, mini-statement constituted 75 per cent," he said.

As many as 64 per cent of the customers perform 1-3 transactions followed by customers who take up 3-5 transactions (11.5 per cent).

Customers who perform 5-7 transactions constitute 6.9 per cent and those customers doing 7-10 transactions (6.4 per cent) and those people who make 10-plus transactions constitute 11.04 per cent, the report said.

The convergence of digital banking and faster payment rails was propelling growth of financial transactions.

Noting that banks have introduced a wide array of services, the report said financial product marketers need to strengthen monetisation capabilities by moving away from a utility-driven one-size fit-all approach and introduce segmented tailored offerings.