According to a report drafted by Facebook and The Boston Consulting Group (BCG), the number of users opting for online banking is expected to double to reach 150 million marks by 2020.
In a report, titled "ENCASHING ON DIGITAL it is mentioned. Amit Kumar, Partner, and Managing Director, The Boston Consulting Group, India said "India could not be more ready for a digital revolution in financial services - with government interventions on one hand and growing consumer awareness on the other. Wide scale adoption of digital has the potential of reducing the cost of acquisition and cost of servicing to 1/10th. This can substantially improve customer level profitability and can add to retail profit pool by USD 3 - 3.5 billion by 2020,"
"As more and more Indians access the internet on their mobile phones, there is a big opportunity for financial companies to create a powerful digital experience that is intuitive and secure for their customers. The report confirms that consumers are leaning in towards digital adoption of financial services faster than previous estimates, and the time is now for the financial services industry to invest so we can help more people contribute to a digital future," said Umang Bedi, Managing Director, Facebook India and South Asia.
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