**Mumbai: Positive User Experience in India’s FinTech Ecosystem Driven by App Market Share, Updates, and Data Privacy Policies**

A recent study published in the Reserve Bank of India’s (RBI) latest Bulletin reveals that positive user experience in India’s FinTech ecosystem is mainly influenced by app market share, frequency of updates, and data privacy policies. The study highlights that payment and lending apps are more likely to be installed compared to banking apps.

The article titled *“The Untold Story of FinTech Customers’ Experience,”* featured in RBI’s September Bulletin, emphasises the importance of understanding user experience for advancing FinTech innovations and shaping customer-centric policies.

### Key Findings Across FinTech Sectors

The study focused on three FinTech sectors: payment, lending, and banking. It found that 11 apps primarily focused on payment or lending services have higher installation likelihood than banking apps. The likelihood of receiving a review per unique FinTech app installation stands at 0.54%, with payment and lending apps marginally ahead at 0.6% compared to banking technology apps.

Over the last two years, these apps have received around six million reviews, providing valuable insights into major customer concerns.

### Polarisation in Customer Reviews

According to the article, FinTech reviews in India are highly polarised. About 20% of total reviews are one-star ratings, while 67% are five-star ratings. These extreme reviews account for nearly 87% of all FinTech app reviews, indicating a divided customer sentiment.

Authored by Ashish Khobragade, Sakshi Awasthy, Rakhe Balachandran of the RBI’s Department of Economic and Policy Research (DEPR), along with research intern Mantisha, the article presents a detailed sentiment analysis.

### Sentiment Analysis and Emotional Insights

The study reveals that 61.7% of all FinTech apps received between 50% to 80% positive reviews. Only a small share—7% of apps—received less than 20% positive reviews. This results in a slightly negatively skewed distribution of mean positive reviews in India’s FinTech sector.

Among apps below the overall positive average, 58% belong to the payments sector, 22% to alternative lending, and 20% to banking technology.

The study analyzed over 5.69 million reviews from April 2022 to August 2024. Data collected included unique installations, review counts, and major app updates. Reviews were extracted using the open-access Python package, *google-playscraper*.

### Trust is the Most Positive Emotion

Across all sectors, the most prominent positive emotion associated with Indian FinTech apps is trust, followed by anticipation of a good outcome and joy. Around 50% of customers expressed trust in the FinTech ecosystem.

On the flip side, the most frequently expressed negative emotions are anger, followed by sadness, fear, and disgust.

### Major Customer Concerns

Negative reviews provide an effective feedback mechanism for FinTech companies and give policymakers useful macro-level insights. The study identifies the following major customer concerns across segments:

– **Customer Support and Service (CSS):** This is the most significant concern for banking technology users and the second-largest concern for payment and alternative lending tech users. Common complaints include unresponsiveness—such as delayed or no replies to emails, calls, or chat queries—lack of proper escalation mechanisms, inadequate resolution of urgent issues, difficulty reaching human agents, and rude or unprofessional behaviour from support staff.

– **App Functionality and Technical Issues**

– **Loan-Related Issues:** These include problems related to application processing, approval, credit limits, and credit scores.

### Disclaimer

The RBI clarified that the views expressed in the Bulletin article are those of the authors and do not represent the official stance of the Reserve Bank of India.

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*This story is sourced from a syndicated feed. Only the headline has been updated.*
https://www.freepressjournal.in/business/payment-lending-applications-more-likely-to-get-installed-than-banking-apps-rbi-bulletin