GLOBAL BANKING SURVEY: Main bank relationship

Main bank relationship

Finding: Indian customers tend to bank with multiple providers.

Statistic: 90% of Indian customers bank with more than one bank, and 45% bank with three or more providers.

Product holdings

Finding: Indian customers tend to hold a high number of products with their main bank.

Statistic: The average customer holds 3.1products with the main bank, compared with a global average of 2.9. 15% of customers hold one product with the main bank, and 20% hold five or more.

Reasons for attrition

Finding: Despite generally high levels of satisfaction with banks, Indian customers are generally leaving their main bank because of poor service.

Statistic: 48% of customers who decided to leave their main bank did so because of general levels of service quality, while 35% cited product and service offerings.

Personalized service

Finding: Out of all the countries we surveyed, Indian customers are the most satisfied with the level of personalized attention they receive from their main bank, and the majority are willing to pay extra for independent financial advice.

Statistic: 80% consider the level of personalized attention their bank offers to be good or very good. 48% would not pay for independent financial advice, but 45% would do so for high-end investments, and a further15% would pay for independent advice on all their investments.

Channel experience

Finding: Customers in India are very satisfied with branches, internet banking and ATMs, and are more satisfied than most with mobile banking.

Statistic: 85% are satisfied with the branch experience, 80% are satisfied with ATMs and78% are satisfied with internet banking. 60%are satisfied with mobile banking – the highest percentage in our survey.

Impact of the crisis on trust levels in financial institution. How has your confidence towards the banking industry changed over the past 12 months.

In India, the credit crisis has had minimal impact on customer confidence in the banking industry and customer‘s confidence in the industry appears to have grown in the last 12 months. The majority of the customers are also very satisfied with the service they get from their banks.

Stat: 75% say their trust in banks has increased in the last 12 months and 17% say their confidence has not changed.68% score their bank four or five out of five when asked about their degree of satisfaction.

Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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