The Reserve Bank of India have relaxed many of the restraining, regulatory rules and have licensed 39 banks to offer mobile banking, yet only a few hundred thousand subscribers use mobile banking regularly performing less than a million transactions a month! (According to the referenced article) This is off the scale disappointing.
With such huge potential, it is important to figure out what is the deterrent to not more people using a service for which a clear need exist. While I do not know enough to provide a clear opinion, the following may provide some clues:
- Do the existing service provided for in the Indian market really solve a defined need, or is it just, well... mobile banking.
- Mobile banking (in most countries) is not perceived as "complex and too technical", as is the case (it seems) in India. Is this because Indians are not as technically astute as citizens of other countries, or because the implementations in India are too complex?