In FY 2019, INR 29,584.07 Bn amount funds were transferred, using mobile banking, thus increasing at a compound annual growth rate CAGR of ~131.21% from INR 1,035.30 Bn in FY 2015. In FY 2019, SCBs recorded the highest growth in mobile banking transactions ~43.17% , based on value, between February 2019 and March 2019. Based on volume, SCBs recorded highest growth ~24.66% between August 2018 and September 2018 in mobile banking. Major players currently operating in the Indian mobile banking market include Axis Bank Limited, HDFC Bank Limited, Kotak Mahindra Bank Limited and State Bank of India.
Key growth drivers of the market
• The demonetization of the 500 and 1000 currency notes in November 2016 was aimed at transforming India into a cashless economy. Through initiatives like Digital India, the government plans to empower the country technologically, by improving online infrastructure and internet connectivity. Services like banking and utility bill payments are being made accessible to Indians through online platforms, both in urban and rural areas. As a result, a large part of the Indian population now has turned to mobile banking for fund transfer.
• With the introduction of mobile banking channels, customers can avail banking services any time of the day. The installation of a single app makes the various types of banking facilities easily accessible. The instant responses obtained from the mobile banking apps like emPower Allahabad Bank , Axis Mobile Axis Bank , Baroda mPassbook Bank of Baroda , and BOI mobile Bank of India , improve customers experiences. Owing to such benefits, customers preference has shifted in favour of mobile banking from branch-based banking.
Key deterrents to the growth of the market
As much as the increased adoption of wireless Internet and mobile data connection has driven mobile banking facilities, it has also led to a rise in fraudulent activities in both the public sector and private banks across the country. Since fund transfer has become easy through mobile banking platforms, the young generation nowadays use application-based mobile banking channels for making miscellaneous digital payments. In the process, chances of data breach and fraudulent activities are high due to successful interoperability. Increased cases of cybercrimes in India have developed fear among the existing, as well as the potential mobile banking app users to adopt digital transaction processes, thus impeding the growth of the mobile banking market in India.
• Allahabad Bank Limited
• Axis Bank Limited
• Bank of Baroda Limited
• Bank of India Limited
• Housing Development Finance Corporation HDFC Bank Limited
• Industrial Credit and Investment Corporation of India ICICI Bank Limited
• Industrial Development Bank of India IDBI Limited
• Kotak Mahindra Bank Limited
• Punjab National Bank Limited
• State Bank of India Limited
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Major global players using AI-based manufacturing process
Chapter 4: India artificial intelligence market overview
4.1. India artificial intelligence market overview
4.1.1. India artificial intelligence market size and growth forecast
4.1.2. Funding in the Indian AI start-ups
Chapter 5: India manufacturing industry overview
5.1. India manufacturing industry overview
5.1.1. India – gross value added GVA of manufacturing
Chapter 6: Artificial intelligence in the Indian manufacturing industry
6.1. Impact of artificial intelligence in the Indian manufacturing industry
Chapter 7: Use cases of AI in the manufacturing industry
7.1. Use cases of AI in the manufacturing industry
Chapter 8: Case studies
8.1. Case study – Blue Star Ltd.
8.2. Case study – TVS Motor Company Ltd.
8.3. Case study – JK Tyre & Industries Ltd.
8.4. Case study – Bajaj Auto Ltd.
8.5. Case study – Asian Paints Ltd.
Chapter 9: Market influencers
9.1. Market drivers
9.2. Market challenges
Chapter 10: Competitive landscape
10.1. Abee Research Labs Pvt. Ltd.
10.1.1. Company information
10.1.2. Business description
10.1.4. Key people
Similar information covered for remaining companies
10.2. EroNkan Technologies Pvt. Ltd.
10.3. Flutura Business Solutions Pvt. Ltd.
10.4. LivNSense Technologies Pvt. Ltd.
10.5. Universal Robots India Pvt. Ltd.
10.6. Altizon Systems Pvt. Ltd.
10.7. IBM India Pvt. Ltd.
Chapter 11: Appendix
11.1. Research methodology
11.2. About Netscribes
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