A survey of 6,000 consumers and 2,000 businesses across 20 countries has attempted to capture a comprehensive picture of the financial landscape.
The survey found that ‘Buy Now Pay Later’ services are becoming popular in India. Globally, such services have recorded a growth of 18 percent in the last six months, while in India it is 21 percent. The report says that such services have a large customer base and share in the financial sector. But it is important that such businesses are run in the right way and follow the guidelines prescribed by the government.
Experts opine that India is on its way to a robust digital eco-system. It enables customers to manage their finances efficiently. Businesses need to satisfy ever-changing consumer demand. The report also says that technology will have to be relied on to a large extent. A secure and hassle-free digital experience will help retain customers in the long run.
According to the report, there is a growing interest in artificial intelligence in India. 34 percent of people trust chat bots more than humans. 68 percent of people are not afraid to share personal information for digital communication. 58 percent think financial data should be secure. 60 percent are worried about security. 30 percent of people have experienced online fraud. 92 percent of people put security first in online transactions