Send Money to India
With a populace of over 1 billion, India is an perfect environment for finance, with cutting edge technology bringing the Indian financial scene into the future. India has over 32-thousand ATMs as of December 31, 2007, but an increasing number of patrons are finding that the need to visit a bank branch or ATM machine is not what it used to be, thanks to state-of-the-art technological advances.
Banks are moving toward allowing customers to complete banking transactions using cell telephones and other handheld technologies. Banks, in the past, had utilized technology such as text messages to advertise promotions for users, but electronic transactions will probably replace several types of cash transactions in India within the next few years. The use of technology in bank reduces transaction costs and reduces the need for quick branch expansion. Currently, nearly 10% of all bank transactions in India are completed online.
This idea of handheld banking technology is called Mobile Banking, and it is assumed that mobile banking will revolutionize the banking business in India and soon all around the globe. Already, 85-90% of mobile bankers do not use ATM or credit cards; they simply use their cellular to make transactions. The technology utilized to make this style of banking possible is the same technology that runs ATM machines, although it is much less-expensive to maintain. India is quite on the cutting-edge of this swiftly growing area of finance.
An increasing number of Indians are also utilizing the Internet for banking purposes, however the majority of banking customers using the Internet limit their activity to monitoring statements and assuring whether or not transactions have been completed. The web also allows bank customers to interact with bank employees to ask questions and inquire about bank goods and services, although this is not greatly used so far by Indian bank customers.
Traditionally, Indians have not carried a great deal of debt, with consumer debt making up just 4% of the nation’s Gross Domestic Product, compared with over 60% for countries such as South Korea and Taiwan. Banks are willing to participate in the increasing debt loads of Indian consumers. Like China and South Asia as a whole, India is one of the biggest increasing areas for credit card, ATM card, and cash card services, and studies predict that the credit card market in this area will grow by 15-20% over the next three years. Indian households currently save 28% of their extra income.
The bank presence is growing in India, as more International banks and financial companies rush to compete for the changing banking needs in the country. Demographically speaking, half of India’s 1.2 billion population are under the age of 25, so throughout the next several years, a huge generation of people will be entering their earning years and will have many banking needs. The banks which find a way to provide the services Indian banking customers enjoy a influx of new customers and profit in the years to come.
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
No tags for this post.
Tags: 
Loading ...