More than 100 million people have internet connections in India today. We spend more time on the internet than watching TV. We are the third largest users of social networking sites like Facebook.
These are interesting factoids. But what does this mean for financial services? It is an indication where this sector is headed in terms of distribution of its products and services. More than 45% of internet users search for financial services and insurance as a category.
Already, most of us are using net banking. We make our fixed deposits and mutual fund investments online, transact and pay our bills through net banking . And insurance is not far behind. From a humble beginning, like the banking sector, with online transaction facilities for existing customers, insurance companies are now rapidly moving towards selling products online.
[Source-ET]
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