Customer confidence in new-age banking system is increasing: Bain report

Digital banking is all about customer convenience. During the last decade, digital banking saw a huge growth, largely driven by fintech and new-age tech companies who brought convenience and cluster-free approaches to the banking ecosystem, providing much more than just banking services. A fallout of that is the leakage of business from retail banks to these new age players, which are becoming bigger with each passing year. According to the Customer Banking Report in Retail Banking by Bain & Co based on a survey conducted across 22 countries, customer confidence in the new-age banking system is increasing, and this is helping younger companies to enter the mainstream. According to the survey, 75 per cent  of the respondents in India said that they used Paytm in the past year while 70 per cent of those in China said  they used Alipay.