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New data on the rise of banking & finance apps in India

Banking and Financial phone application usage is growing in the Indian Subcontinent

Posted on: Wednesday, September 08, 2010 14:39 IST | Karan Bajaj

Updated on: Wednesday, September 08, 2010 16:33 IST

As per a recent UN report, in India 45 out of 100 people have a cell phone
whereas only 31 out of 100 people have proper toilets available. The report
stated that there were about 545 million working cell phone in India and if this
trend continues India would have 1 billion cell phone users by 2015. Out of such
a large number of people, it is really difficult to determine how many people
would actually use third party applications on their phones. Digging deeper, out
of the people using third party apps, how many would be actually using their
phones for Banking and Financial transactions is a question that perhaps only
the app distributing banks and financial institutions can answer. However, which
are the top Financial apps preferred by the users is a question that has been
answered by Informate mobile intelligence in a recently published report.

Informate uses mobile metering technology to capture actual usage on SmartPhone’s.
An opt-in panel base of over 3000 users download a small software on their phones
that captures usage of all applications on the phone accurately. The software records all
activities on the device, which is downloaded daily on to Informate’s servers. This data
is then aggregated to generate reports on real-time mobile usage.

As per the report, the top 10 Banking and finance apps have a reach to about
9.8% of the users. Out of this percentage SBI and ICICI Bank apps account to
a major 6.8% user access. Also, the reach of Banking and Financial apps has
increased by 40% in the last 6 months. The most interesting find is perhaps
that both male and female users who access banking and financial app on their
phones are almost in the same ratio. top finance and banking apps

The growing tread clearly indicated how the mobile phone market is not just
booming in itself, but also providing other segments to create a hold in the
market. The Indian mobile phone user is slowly but steadily experimenting with
accessing and using information through his/her phone which is a good sign of
things to come.

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