Usage of mobile technology in financial service will help the financial inclusion initiative and enhance delivery systems, said the D&B report on the BFSI sector.
"Primarily it (usage of Internet) would facilitate transparency in product pricing and characteristics; secondly it would be enable product segmentation to suit the distinct group of customers and lastly it will reduce the distribution costs," it said.
About 84 per cent of the respondents in a D&B survey cited Internet as the most significant channel that would enhance the delivery systems.
About 79 per cent and over 73 per cent of the respondents felt mobile wallets and mobile systems would provide a boost to the financial initiatives.
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As per the Reserve Bank of India data, the number of transactions through mobile devices and services has increased from 1.08 million in April, 2011 to 7.16 million in November, 2013.
Despite this progress, usage of mobile for accessing financial services is yet to gain popularity in rural and semi-urban area, which indicates the scope for development of mobile technology to enhance the financial inclusion, the report said.