Mobile services in India are expected to generate US $ 985 billion in financial services by 2022: Report

New Delhi, September 27: According to a new report, mobile phones in India will generate $ 985 billion in financial services by 2022, which will impact credit, insurance and credit card purchases. Facebook from KPMG on Facebook.
By 2022, mobile platforms are expected to address eight out of ten credit and insurance card purchases, around six personal loan purchases, and about seven out of ten additional credit purchases, according to the report, the fifth in Facebook’s “Zero Friction Future” series, Program.
“India may not be ready for a digital revolution in the financial services sector – with government intervention and increased consumer awareness,” said Facebook India director Pulkit Trivedi at the opening of the port.
“More and more Indians are using their mobile phones to access the internet, which makes it a great way for financial companies to offer their customers a powerful, intuitive, fluid and seamless digital experience,” added Trivedi.
The report, entitled “Frictional losses on the purchase of financial services” points out that in the credit card category almost 30% of consumers fail due to friction (a decline in their buying path) and a third of consumers.

In terms of insurance category, about 37% of consumers have broken their relationships, and almost half of these frictions are caused by the media, while in the credit category almost 32% of consumers are affected by friction and almost a quarter of that friction causes media.
According to the report, mobilized credit card purchases are 22% shorter, 17% for insurance and 8% for loans.
“With the proliferation of smartphones and the Internet, the number of new mobile phone subscribers in the financial sector is growing rapidly,” said Gayathri Parthasarathy, KPMG’s Chief Financial Services Advisor in India.
“With the growing importance of the application industry, the digital world will certainly bring about a paradigm shift in the way the financial sector serves and services its customers,” Parthasarathy added.
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