Beyond Banking Trends 2023 - India

The recent years have seen a rapid momentum in Banks embracing beyond-banking platforms. To remain competitive, banks have realigned their strategies to be centered around customer needs, catering beyond traditional banking services.

Beyond Banking platforms have evolved from offering one or two value-added services to banks integrating a suite of services and products answering every need of a customer. Customers are delighted with the “one-stop-shop” experiences and integrated journeys available to them on their trusted app and are adopting them in ways we might have never imagined.

We took a quick look at how banking customers have worked the various lifestyle and value-added services offered by the top 10 banks in India. From flight tickets to IPL, users did not disappoint.

Of the 25+ Beyond Banking retail categories across the top 10 Indian Banks, these caught our attention

1. Dhoni gracing the field gave not only the scoreboard but even recharge transactions a boost - a 30% jump. Events like IPL drive a surge of almost 50%!
2. Users booked flights to 90% of the airports in India (92 out of 103 airports). A single user earned cashback of ₹ 1.6L from 144 flight transactions
3. More than 50% of users prefer to stay in star hotels. A single user made a booking for ₹ 5L!
4. The largest-hearted person donated more than ₹2L (8%) to causes ranging from cataract, Covid-19 to Mid-day meals
5. Users are most loyal to their brands. Giftcards see more than 50% repeat transactions
6. Everyone loves discounts and cashback. Instant campaigns on some of these categories resulted in a 100% increase in transactions in a single day!
7. 90% of the gift card purchases were for e-commerce brands, followed by Jewelry brands
8. ₹5 Cr worth of Digital Gold was purchased by users of a single bank. 80% were repeat users, an evidence of their trust in the bank
9. Auspicious days like Akshaya Trithiya and Dhanteras witness 5X more Digital Gold transactions in a single day per bank
10. 63% of travelers book their bus tickets on the day of their travel. Bangalore is the most popular destination for travelers.

Beyond banking platforms are the future. Marketplace solutions curated for specific segments are helping banks engage, retain, and build loyalty more than ever before. They help banks create multiple touchpoints, enter new markets, increase products per customer, and increase average transactions.

If you’d like us to dive deeper into any of the trends or would like to know about interesting trends from any of the other categories, drop us a line at info@gonuclei.com.

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