Online platform is increasingly emerging popular among bankers and insurers in the Brazil, Russia, India and China (BRIC) countries, according to a report by a UK-based research firm BRICdata.
In 2010, there were 37.8 million internet banking customers in Brazil and jointly conducted 12.8 billion online transactions.
Over the forecast period, the country’s increasing internet and mobile penetration is anticipated to drive the use of online channels for conducting banking and insurance transactions.
The online banking and insurance transactions in Russia currently account for only a small proportion of the country’s total banking and insurance services, and most Russian banks and insurance companies are currently planning to develop English language websites to attract more international customers.
Most of the largest banks in India provide online services including online banking and mobile banking facilities.
Over the forecast period, Indian banks in are expected to extend the scope of their mobile banking channels to offer a broader array of products and services and incorporate consumer grievance redressal mechanisms into social media networks.
The banks in China also provide an online banking platform for their overseas customers.
Chinese banking and insurance firms have spent significant amounts of time and capital to develop online and mobile distribution platforms for their customers, the report said.
The full report, ‘Online Strategies of Banking and Insurance Companies in the BRIC Countries’ is available from BRICdata. Click here for more details.