Banking Frontiers carried out a survey to measure popularity of apps of NBFCs and mutual fund companies. The survey was based on the statistics available on Google Playstore.
Highlights of the Mutual Fund app survey:
- The survey was based on 20 mutual fund companies in India
- LIC Mutual Fund’s app ‘LICMF Partner’ has the highest rating of 4.6
- SBI Mutual Fund’s ‘InvesTap’ has been reviewed by 12,418 customers
- 3.5 is the average rating for the mutual funds’ apps
- Around 50% of the mutual fund companies in India don’t have mobile apps
- Lack of marketing and promotion of the mutual fund apps observed in the survey
Common Positive Comments:
- User friendly
- Easy, helpful and instant
- Helps in managing portfolio
Common Negative Comments:
- Poor customer care service.
- Most customer not able to see their portfolio and investment.
- Customers face problems in login, registering, email verification, generating OTP, PAN Card updating, opening via finger-print, input date of birth during KYC and resetting of password
- Problems in design of the app
- Need to add wallet payment option like Airtel Money or Paytm
- Sensex value is not being updated regularly
Highlights of the NBFC mobile app survey:
- The survey was based on 25 NBFCs in India.
- Bajaj Finance’s ‘Bajaj Finserv’ app has been reviewed by max- imum number of customers – 74,030
- LIC Home Loans’ Kissandhan Agri Financial Services has the highest rating 4.7
- 3.8 is the average rating for the NBFC apps in the study
- Only 40% of the leading NBFC companies in India have mobile app services for their customers
Common Positive Comments:
- Easy, useful & comfortable
- Good support from the company
- Faster loan process
Common Negative Comments:
- Bad customer service, there are no live chats for faster communication
- Login and sign-up problems
- Facing problems in updating the app
- It takes time to respond to loan applications
- No feedback about existing customer loans
