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FIS’ Annual PACE Index

India consumers expect guidance on their financial goals

Financial institutions in India gained six points on last year’s PACE Index score, achieving a score of 74, but still fell below the global Index average.

Key findings about Indian consumers

Nine of out every 10 respondents in India foresee a life event in the next 36 months that will significantly impact their finances.

Nearly 30% of people 18-35 plan to turn to a financial institution other than their primary bank for financing cars, houses, even weddings.

The biggest pain point, according to banked consumers, is slow loan processing, followed by getting time to physically visit a branch and finding someone who can truly answer their questions.

What millennials in India said

Being digitally connected to their bank matters more than reliability and transparency to millennials.

Banked millennials are four times more likely to use a mobile personal financial management (PFM) app from their primary financial institution as from another source.

Seventy two percent of millennials have no form of financial advisor. Twenty eight percent are receptive to online wealth management tools and another 22 percent are open to online financial coaching.

“What this year’s PACE Index shows is that financial institutions in India must stay a step ahead of consumer expectations – earning their spot as the first financial institution in customers’ minds,” said Ramaswamy Venkatachalam, Managing Director, India and South Asia, FIS. “That means transitioning their customers from banking to living by making products easier to use, offering innovative technology and services, and providing guidance that helps customers achieve their financial goals. This shift to a convenient digital landscape is especially important for India’s banks as the country significantly exceeds the global average for personal financial management app usage. The PACE findings present a clear picture on where India’s banks need to focus to remain first in the minds of their customers.”

India Results

Banks in India earned a 74 on this year’s PACE Index, five points below the global average year-over-year.

Two of the areas of greatest opportunity for Indian banks are Aspirations – banks helping customers achieve their financial goals – and Fairness – delivering services without hidden fees or charges. As they did last year, banks in India struggled with a perception that they are not fully supporting their customers or treating them fairly. This is particularly important because both attributes were listed among the five most important items by those surveyed.

Indian banks did receive strong marks for Security – respondents’ most important attribute. They also surpass customer demand in the areas of being connected, omnichannel access, digital payments and in-person service.

A Snapshot of INDIA Results


Global PACE Index Results

In many areas, expectations of consumers worldwide matched, with increasing desire for easy to understand and use banking products and services. Additionally, consumers in every country surveyed said they expect more in terms of loyalty rewards from their financial institutions.

Other global results:

Primary financial institutions remain first choice for funding the majority of banked consumer life events.

Finding time to visit a branch and slow loan processing times were two of the biggest pain points listed by survey respondents, highlighting opportunities for banks to deepen customer relationships.

Banked millennials are four times as likely to use a mobile app from their primary financial institution as they are one from any other source.

“Insight from the PACE Index helps financial institutions not only understand what consumers are thinking, it gives them clear ways to improve operations so they better connect with their customers in order to deepen relationships and grow their business,” said Venkatachalam. “Ultimately, the PACE Index provides a roadmap for sustainable growth that meets the needs of today’s consumers.”

A complete copy of the PACE report for India, as well as the global and other country-specific reports, can be downloaded from and

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