In an era when people have started doing everything on their phone, is your bank’s mobile app evolving at the pace of customer expectations? Our latest Digital Experience Review™ of Indian mobile banking apps reveals a landscape ripe with innovation yet marked by notable gaps in customer experience. In 2024, Forrester reviewed and evaluated six key players to identify best practices and their usability, effectiveness, and customer experience. The Forrester Digital Experience Review™: Indian Mobile Banking Apps, Q3 2024, highlights the leaders, uncovers the current state of mobile banking experiences, and looks at notable trends that are emerging in the market.
Some Indian Mobile Banking Apps Show Rays Of Innovation
Our assessment of mobile banking apps unveils IDFC First Bank as the leader with a feature-rich platform. It not only caters to traditional banking needs but goes a step further by enhancing financial wellness and literacy. ICICI Bank follows, delivering an intuitive user experience and robust security measures. IDFC First Bank’s approach to offering personalized financial insights is a prime example of how banks can deliver excellent personalization. ICICI Bank’s engaging Discover section is another similar example. Most other banks, however, have yet to offer truly differentiated mobile experiences that are inclusive, engaging, and assuring.
Now Is The Time To Double Down On The Effort
The era of “one size fits all” is over. Customers now expect services tailored to their unique needs and financial aspirations. To meet these expectations, banks must go beyond traditional transactional services. Also, they must implement robust security measures in response to escalating digital fraud and improve their conversational banking offerings, such as chatbots. Current chatbots only troubleshoot, direct customers toward a service, or answer questions. Banks must evolve these bots to handle complex conversations and tasks themselves. This will offer customers a more personalized experience. Additionally, embracing financial inclusion as a key differentiator that enables banks to reach a broader, more diverse customer base. While offering multilingual support and improving accessibility are positive steps, banks must continue to explore innovative ways to make their services more inclusive.
Moreover, continuous innovation and actively incorporating customer feedback are crucial for refining these services. Thus, banks that prioritize these elements will excel in delivering exceptional customer experiences, setting a new standard in the financial industry.
If you’re a Forrester client, you can explore these findings in detail by downloading the report, The Forrester Digital Experience Review™: Indian Mobile Banking Apps, Q3 2024. And if you’d like to discuss this topic further or understand how your mobile app measures up, please reach out through an inquiry or guidance session.
