The fatal ‘Black Day’ in India November 8th, 2016, caused panic among citizens of India. The withdrawal of the higher denominations has the people taking up new financial trends.
In a recent survey conducted by FIS, a global leader in financial services technology reported that the average value of ATM withdrawals doubled, while the frequency of withdrawals declined when Modi government issued demonetization.
The survey on ATM usage by consumers in India found that while cash has remained the predominant mode of payment for household payments, other digital options have picked up momentum. The survey also highlights that in the months following demonetization, cash availability at ATMs was a key concern and long queues at ATMs resulted in lower customer satisfaction.
In terms of choosing an ATM to use, the study found that consumers prefer using ATMs run by their own bank. Location, proximity, and availability of cash are also important factors for Indian consumers while choosing an ATM.
The survey was conducted in India between May and June 2017. The sample size of 723 was distributed among online (500 respondents) and in person survey (223 respondents).
