Pop­u­lar­ity of mo­bile bank­ing apps

Banking Frontiers - - Mobile App -

Bank­ing Fron­tiers car­ried out a sur­vey to mea­sure pop­u­lar­ity of apps of NBFCs and mu­tual fund com­pa­nies. The sur­vey was based on the statis­tics avail­able on Google Play­store.

High­lights of the Mu­tual Fund app sur­vey:

The sur­vey was based on 20 mu­tual fund com­pa­nies in In­dia LIC Mu­tual Fund’s app ‘LICMF Part­ner’ has the high­est rat­ing of 4.6

SBI Mu­tual Fund’s ‘In­vesTap’ has been re­viewed by 12,418 cus­tomers

3.5 is the av­er­age rat­ing for the mu­tual funds’ apps

Around 50% of the mu­tual fund com­pa­nies in In­dia don’t have mo­bile apps

Lack of mar­ket­ing and pro­mo­tion of the mu­tual fund apps ob­served in the sur­vey

Com­mon Pos­i­tive Com­ments:

User friendly

Easy, help­ful and in­stant Helps in manag­ing port­fo­lio

Com­mon Neg­a­tive Com­ments:

Poor cus­tomer care ser­vice.

Most cus­tomer not able to see their port­fo­lio and in­vest­ment. Cus­tomers face prob­lems in lo­gin, reg­is­ter­ing, email ver­i­fi­ca­tion, gen­er­at­ing OTP, PAN Card up­dat­ing, open­ing via finger-print, in­put date of birth dur­ing KYC and re­set­ting of pass­word

Prob­lems in de­sign of the app

Need to add wal­let pay­ment op­tion like Air­tel Money or Paytm

Sen­sex value is not be­ing up­dated reg­u­larly

High­lights of the NBFC mo­bile app sur­vey:

The sur­vey was based on 25 NBFCs in In­dia.

Ba­jaj Fi­nance’s ‘Ba­jaj Fin­serv’ app has been re­viewed by max­i­mum num­ber of cus­tomers - 74,030

LIC Home Loans’ Kis­sand­han Agri Fi­nan­cial Ser­vices has the high­est rat­ing 4.7

3.8 is the av­er­age rat­ing for the NBFC apps in the study Only 40% of the lead­ing NBFC com­pa­nies in In­dia have mo­bile app ser­vices for their cus­tomers

Com­mon Pos­i­tive Com­ments:

Easy, use­ful & com­fort­able

Good sup­port from the com­pany Faster loan process

Com­mon Neg­a­tive Com­ments:

Bad cus­tomer ser­vice, there are no live chats for faster com­mu­ni­ca­tion.

Lo­gin and sign-up prob­lems

Fac­ing prob­lems in up­dat­ing the app

It takes time to re­spond to loan ap­pli­ca­tions

No feed­back about ex­ist­ing cus­tomer loans

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