With a population of over 1 billion, India is an exciting environment for banking, with cutting edge technology leading the Indian financial scene into the future. India has over 32-thousand ATMs as of December 31, 2007, but an increasing number of patrons are finding that the need to visit a bank branch or ATM location is not what it used to be, due to state-of-the-art technological advances.

Banks are moving toward granting users to complete banking transactions using mobile phones and other handheld technologies. Banks, in the past, have utilized technology such as text messages to advertise promotions for customers, but electronic transactions will probably replace various types of cash transactions in India within the next few years. The utilization of technology in banking reduces transaction rates and lessens the need for quick branch expansion. Now, almost 10% of all banking transactions in India are completed online.

This idea of handheld bank technology is called Mobile Banking, and it is predicted that mobile banking will revolutionize the bank industry in India and then all over the world. Already, 85-90% of mobile bankers do not use ATM or credit cards; they just use their phone to complete transactions. The technology utilized to make this style of banking possible is the same technology that runs ATM machines, although it is much less-expensive to maintain. India is quite on the cutting-edge of this rapidly growing area of finance.

An increasing number of Indians are also using the web for banking purposes, although the majority of banking customers utilizing the Internet limit their activites to monitoring statements and assuring whether or not transactions have been completed. The World-Wide-Web also allows bank users to interact with bank employees to ask questions and inquire about bank products and services, although this is not greatly utilized so far by Indian bank customers.

Generally, Indians have not garnered a great deal of debt, with consumer debt making up just 4% of the nation’s Gross Domestic Product, compared with over 60% for nations such as South Korea and Taiwan. Banks are eager to participate in the growing debt loads of Indian consumers. Like China and South Asia as a whole, India is one of the largest expanding areas for credit card, ATM card, and cash card services, and surveys predict that the credit card market in this region will grow by 15-20% over the next three years. Indian houses now save 28% of their extra income.

The bank presence is growing in India, as more global banks and financial institutions hurry to compete for the expanding banking needs in the country. Demographically speaking, half of India’s 1.2 billion population are under the age of 25, so over the next several years, a huge group of people will be entering their earning years and will have various banking needs. The banks that find a way to give the services Indian banking customers enjoy a windfall of new customers and profit in the years to come.

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