A recent study from financial services technology leader FIS shows a dramatic increase over the past year in the use of mobile devices and other digital banking channels by consumers in India, demonstrating the extent to which country’s demonetization efforts are changing consumer banking habits.

FIS' third annual Performance Against Customer Expectations report, which surveyed 1,000 banking consumers in India, found that more than 60 percent of survey respondents said they have used mobile devices this year to check their account balances, view recent transactions, pay bills, transfer funds or other banking needs, according to a press release about the report. This was up from 39 percent of survey respondents in 2016 and 34 percent in 2015.

The FIS PACE report also shows that banks in India continue to under perform their peers in other countries in terms of meeting their customers' expectations. Indian financial institutions scored 75 points in the 2017 PACE study, one point higher than in 2016 but seven points below the global average PACE score.

Key findings from the report include: 

• Nearly 18 percent of the respondents use their primary bank's credit cards exclusively.
• The importance of the primary bank providing digital payment options has risen year on year across all age segments.
• Respondents indicated that more than 30 percent of their payments are done with mobile apps compared to cash, check or credit/debit cards.