Around 74% of consumers in India will prefer carrying out payments through the digital medium in the next six to nine months, according to a report by Capgemini Research Institute.
The change comes in view of the coronavirus pandemic. As per the study, 57% of the Indian consumers were interacting on mobile apps prior to the pandemic and currently, around 67% consumers use the medium.
India has been ranked highest in the use of digital touchpoints in next 6-9 months, with strong growth in voice assistants and chatbots as emerging channels of interaction for banking and insurance segment.
Globally, the average number of people using a mobile app as a digital touchpoint stood during pre-COVID-19 period at 47%, and currently about 52% use it. Around 55% is expected to use the digital medium in next 6-9 months.
The study further showed that 40% of the Indian consumers were using voice assistants and chatbots pre-COVID-19 as one of the preferred digital touchpoints for banking, and this has seen a surge to 52% currently, and a further increase to 59% is expected over the next 6-9 months.
Similar trend has been witnessed in the insurance segment with 42% of the Indian consumers using voice assistants and chatbots before COVID-19, and currently 50% using them. There may be an increase to 57% consumers who will use voice assistants and chatbots for insurance in next 6-9 months.
The survey noted that Indian consumers are becoming increasingly savings and safety-oriented. There is an increased appetite for saving and safety, which is likely to persist post the pandemic.
The study highlights that 85% of the Indian consumers prefer to save more in the next 6-9 months as compared to 80% in the current period and 72% before COVID-19.
Additionally, it has been observed that 77% of the Indian consumers prefer to increase their savings in safe instruments than investing in the stock market or any high-risk financial products in next 6-9 months compared to 73% in the current scenario and 66% during the pre-COVID 19 period.