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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

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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Toyota Launches Facility For Fast Tracking Car Loans

Toyota India launches fast track loan facility for customers

Toyota India introduces a facility that allows its customers in fast tracking car loans. Pixabay

Japanese car maker Toyota has launched a facility for fast tracking car loans to its customers in India within 30 minutes of their applying.

“The new service named ‘Tatkal’ loan enables our customers to get loan approval in 30 minutes of submitting the application,” Toyota Financial Services India (TFSIN) said in a statement on Thursday.

Touted to be a maiden industry initiative, TFSIN will use an automated system for speeding up the loan approval process.

Toyota car loan
Toyota is extending the loan to any customer owning a house with the intention to buy the car for personal use. Pixabay

Covering up to 85 per cent of a Toyota car’s ex-showroom price, the Tatkal loan offer will take into account a customer’s bank account and CIBIL credit score.

Toyota is extending the loan to any customer owning a house with the intention to buy the car for personal use, and holding an identity card, bank statement, residence ownership proof and a photograph.

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Offering the loan service to its customers without personally being present, Toyota has opened the scheme on all its models to be availed remotely, as well as via tele-verification.

“With Tatkal loan service, we aim to make the car buying process simple, accessible and easy for all our customers. Submit the required documents and get a loan approved within 30 minutes,” Toyota Financial Services Chief Executive Officer (CEO) Tomohei Matsushita said in the statement.  (IANS)