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Most Indians Willing To Switch To Digital-only Financial Providers

A report reveals that Indians are open to switching to a digital-only financial provider

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market research firm Forrester Research
Market research firm Forrester Research reveals that digital platforms gain acceptance from Indian society. Pixabay

Indian consumers lead in openness to consider switching to a digital-only financial providers and consumers in Asia Pacific are one of the most advanced when it comes to digital engagement with financial services, with 73 per cent of them believing they should be able to accomplish any financial task on a mobile device, said a new report on Wednesday.

Consumers prefer to interact with their financial service providers on digital channels especially in mobile-first markets like China, India, Thailand, and Indonesia, said market research firm Forrester Research.

“Consumers are more likely to engage with firms that prioritise helping them improve their financial well-being,” Dane Anderson, Vice President, Research Director and Region Manager, Forrester, said in a statement.

digital-only financial provider
A boom in digital-only financial provider and consumers in the Asia Pacific region, a report suggests. Pixabay

“We expect that customers will dynamically deconstruct their personal financial services ecosystems and reassemble them with newer and better players. Traditional institutions have several advantages but will be left behind if they do not transform faster to meet the challenge.”

According to the market research firm, many customers trust payment firms and technology firms over traditional financial services providers to help them better manage their finances.

market research firm Forrester Research
Consumers in India are willing to use digital-only financial providers. Pixabay

Global technology giants, payment providers, e-commerce players, and even ride-sharing leaders are already threatening established firms by offering simple, convenient, and more personalised digital experiences.

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While banks lead in consumers’ trust to act in the best interest of their financial well-being, a surprising cast of digital characters is not far behind.

In India, Google beat out banks as the most trusted company to act in their best financial interests whereas in China, Alibaba and WeChat are slightly behind banks, and across all countries, insurers break into the top three except in just two countries — Hong Kong and Malaysia. (IANS)

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Vaping May not Help with Smoking Cessation: Report

The report found that smoking cessation could reduce the risk of many negative health effects, including reproductive health outcomes, cardiovascular diseases, chronic obstructive pulmonary disease and numerous cancers

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vaping
Many people may be vaping nicotine through e-cigarettes, smoking. Pixabay

The US government released on Thursday its first smoking cessation report in 30 years, showing that there is inadequate evidence to conclude that e-cigarettes help quit smoking.

It is difficult to make generalizations about efficacy for cessation based on clinical trials involving a particular e-cigarette, according to the report.

E-cigarettes have long been embraced as a less harmful way to satisfy smokers’ nicotine addiction, but all-time high youth vaping in the country has prompted calls for action to stem their use, the Xinhua news agency reported.

A total of 3.6 million middle and high school students report that they used e-cigarettes in 2018, according to the US Centers for Disease Control and Prevention. The U.S. Food and Drug Administration (FDA) proposed premarket applications for all flavoured e-cigarette products that continue to be sold by Aug. 8, 2021.

The FDA suspended this month the sale of cartridge-based e-cigarettes in flavors other than tobacco or menthol.

American, Medical, Electronic Cigarettes
A man uses a vape as he walks on Broadway in New York City, September 9, 2019. VOA

Also, the report said cessation medications approved by the FDA and behavioural counseling could increase the likelihood of successfully quitting smoking, particularly when used in combination.

More than three out of five US adults who have ever smoked cigarettes have quit. However, less than one-third use FDA-approved cessation medications or behavioural counseling, the report said.

Cigarette smoking among American adults is at an all-time low (14 percent), according to the report. However, it remains the leading cause of preventable disease, disability, and death in the United States. Approximately 34 million American adults currently smoke cigarettes.

Also Read: Tinder Rolling out a Photo Verification Service to Curb Catfishing

The report found that smoking cessation could reduce the risk of many negative health effects, including reproductive health outcomes, cardiovascular diseases, chronic obstructive pulmonary disease and numerous cancers.

“I’m calling on healthcare professionals, health systems, employers, insurers, public health professionals, and policy makers to take action to put an end to the staggering and completely preventable human and financial tolls that smoking takes on our country,” said Surgeon General Jerome M. Adams. (IANS)