A survey done by Exide Insurance has revealed that only 32 percent of internet users in Indian do financial transactions online. The study also concluded that Banking transactions, utility bill payment, and online shopping are the three top financial transactions Indians make online.
Among the 32 percent who make financial transactions online, 65 percent use internet for banking transactions, 55 percent for utility bill payment and 54 percent for online shopping. Only 46 percent of internet users said that they had paid insurance premium online. Credit cards and Debit cards are most popular payment methods as less than 5 percent of people prefer to use e-wallets for online transactions.
Among total internet users, 83 percent check emails regularly, 72 percent check news and 66 percent use social media platforms. The number of users who use internet for productive activities like booking travel tickets, watching movies and videos, research for office work are very less.
On talking about this study, Mohit Goel, director (marketing and direct channel), Exide Life Insurance said:
“Digital is no more limited to being a research only medium. Today more and more consumers are buying products and services from the comforts of their homes as per their convenience. While heightened e-commerce activity is getting witnessed in categories like durables, fashion, travel and entertainment, financial services are not behind.
“Our 2018 Digital Habits Survey, launched with a clear intention of understanding how customers are living the digital life with a sharper lens on their habits while dealing with insurance online, has generated good insights. The findings of the survey validate our overall digital approach of engaging with our existing as well as prospective customers.”
With digital transactions in the country reaching a record mark of 1.11 billion in January 2018, the study shows that digitization is becoming a part of everyday life of Indians.
If we talk about buying or paying insurance online, people living in class A cities feel more comfortable. This report is beneficial for companies who are dependent on digital services. Knowing what customers prefer is the first thing one should know before creating a marketing plan.
Digitalization has caused most of the industries in India to change their perspective towards marketing and advertising. The most impacted sectors are fashion, travel, and entertainment, financial services.