Forrester: Despite Indian Banks' Continued Focus On Digital, Quality Of Customer Experience Remains Stagnant
In contrast, the majority of India's credit card issuers improved their CX in 2022
NEW DELHI, Aug. 17, 2022 /PRNewswire/ -- According to Forrester (Nasdaq: FORR), due to COVID-19, more customers in India are relying on online channels for their banking needs. As India's banks slow the rate of new branch openings, digital channels will continue to become even more important. The India Banking Customer Experience Index Rankings, 2022 reveal, however, that while Indian banks improved their digital capabilities significantly, they have dropped the ball on in-person interactions. As a result, the quality of overall customer experience (CX) across the Indian banking industry remains stagnant.
In contrast, credit card issuers in India improved the quality of their CX due to their ability to offer hybrid â€” a mix of digital and physical interactions. Forrester's Customer Experience Index (CX Indexâ„˘) rankings for both the India banking and credit card industries indicate that customers had the best experience when their interaction was a mix of in-person and digital.
Key highlights from the report include:
- Most Indian banks were unable to improve their CX in 2022. There was little differentiation, as all nine banks had scores within a similar range. The industry saw a new leader emerge, with IndusInd Bank making huge strides after debuting in seventh place last year. IndusInd Bank outshone its peers in customer service, the most important driver category for banking customer experience.
- The majority of India's credit card issuers improved their CX in 2022. Three of the five card brands improved their scores significantly, boosting the overall industry score. ICICI Bank moved up from third place to take the lead in 2022, narrowly overtaking last year's credit card leader American Express.
- Emotion continues to be a key driver for delivering high levels of CX performance. Among customers of India's credit card industry who felt confident, 84% plan to spend more with the brand and 89% will advocate for it. In contrast, among banking customers who felt disappointed, just 30% plan to spend more with the brand and only 31% will advocate for it.
- ICICI Bank earns the highest overall score in digital experience, leading in both mobile functionality and user experience. Its app offers multiple tools to help customers perform banking tasks and stay on top of their finances, including detailed spending analysis by transaction category.
- The rankings show overall improvement in UX, but Indian banks can do better. The user experience (UX) of Indian banking apps has improved significantly since Forrester's last evaluation of India's mobile banking apps in 2020. Many have newer, cleaner interfaces that are easier to navigate and simplify payments. Some new functionality, however, feels bolted on to older parts of the app. The addition of a plethora of newer payment options makes the overall payment experience disjointed.
"While the pandemic has accelerated the improvement of digital experiences, the financial services industry must not ignore in-person interactions," said Amit Bhatia, senior analyst at Forrester. "Overall, customers who had hybrid interactions â€” a mix of digital and physical â€” had the best experiences. To achieve CX leadership, brands must ensure that they dive deep into data to understand the drivers that most influence customer loyalty to be able to prioritize their efforts."
To evaluate the quality of CX in the financial services industry, Forrester surveyed the customers of nine banks and five credit card issuers in India to determine how they perceive their experiences and how CX drives loyalty. Since improving digital experiences for customers has become a key focus for banks since the pandemic, Forrester also evaluated the functionality and UX of the mobile apps of five Indian banks.
Forrester is one of the most influential research and advisory firms in the world. We help leaders across technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester's proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work â€” to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Waveâ„˘ evaluations; 70 million real-time feedback votes; and the shared wisdom of our clients.
More News by PR Newswire India
Vieworks to Showcase Industrial Cameras and Lenses at VISION 2022
Eviation's Alice Achieves Milestone with First Flight of All-Electric Aircraft
SAUDI ARABIA IS THE FASTEST GROWING TOURISM DESTINATION IN THE G20
Internet sensation Khaby Lame announced as QNB Group's Official FIFA World Cup Qatar 2022â„˘ Brand Ambassador
GIGABYTE Launches Z790 Series Motherboards Supporting Dual-Generation Intel Processors
Deltek Research to Unveil Top Federal Contracting Opportunities for 2023
ViewSonic Unveils Industry-First Foldable 135" All-in-One LED Display Solution Kit
NEOM Tech & Digital Company steps into the future as 'Tonomus'
Global Fab Equipment Spending Forecast to Reach All-Time High of Nearly $100 Billion in 2022, SEMI Reports
Kohler India celebrates their 10th Year of Pecha Kucha in New Delhi, India
U.S. Soy Sustainability Assurance Protocol (SSAP) Certificates Can Now Be Transferred
CP KELCO PARTNERS WITH EXOPOLYMER TO BRING NEXT-GENERATION FUNCTIONAL BIOPOLYMERS TO MARKET
Old Mission Selects Solace to Support Rapid Growth of Business through Event-Driven Architecture
GIGABYTE Launches Four AMD X670 Motherboards for New Ryzen 7000 Processors
SRK Knowledge Foundation announces transformational partnership with The Global Network for Zero
LyondellBasell Announces Organizational Changes
HarperCollins India presents HAPPILY INSURED: Your Guide to Understanding Insurance and Leading a Stress-Free Life by Kapil Mehta
Hisense Unveils Its FIFA World Cup Qatar 2022â„˘ TVC "Perfect Match" Ahead of Tournament
The 2022 4th "My China Story" International Short Video Competition Award Ceremony was held in Hangzhou, Zhejiang
Light up the festive season with 'Sale Dhamaka' on MSI's laptop range
GLOBAL LEADERS, EXPERTS, AND CULTURAL ICONS CONVENE AT THE MILKEN INSTITUTE ASIA SUMMIT TO CELEBRATE A TRANSFORMED WORLD
Bank of Baroda rolls out 'Khushiyon ka Tyohaar' as the Festive Season begins
XCMG New Port Machinery's High-end Intelligent Industrial Development Project Base Launches Production
NATIONAL INSTITUTE FOR HEALTH AND CARE RESEARCH CONDUCTS A GLOBAL ANNUAL MEETING TO ADDRESS RESEARCH IN SURGERY IN INDIA
DEAKIN UNIVERSITY HUBS to be set up in India at OP Jindal Global University, Symbiosis International University and Chitkara University
TargEDys and Inoliva announce they have entered a distribution partnership to bring SatyliaÂ® to Turkey
Top 50 Start-ups Bringing Innovation to the Global Homes and Buildings Industry
How Healthcare Organizations Can Enhance a Holistic Patient and Member View by Improving Insights from Data
Tata AIA Life Fortune Guarantee Pension gets a powerful upgrade
PDRL aims to certify 10,000+ candidates on AeroMegh Platform in the Drone Industry by the year 2024
DAZN ACCELERATES GLOBAL GROWTH MOMENTUM WITH ACQUISITION OF ELEVEN GROUP BUSINESSES
GoingZero Big Diwali Sale: Up to 40% Discount And Free Shipping On Zero Waste Products
Slow-fashion brand FREECULTR becomes the official merchandise partner for FIFA 2022â„˘
Purple Quarter Facilitates HCAH's CTO, Ex-DealShare Techie Onboarded
Ghodawat Consumer awarded - Fastest growing FMCG Company of 2022
Cine Star Cricket League launched with television and entertainment industry's Divas
ELLE FANNING IS THE AMBASSADOR OF FAME, PACO RABANNE'S NEW FEMININE FRAGRANCE
Saudi Data, AI Authority (SDAIA) and Ministry of Energy Partner with IBM to Accelerate Sustainability Initiatives in Saudi Arabia Using AI
Unstoppable Women of Web3 Launches New Education Streams
PNAS Partners with Straive for Production Services
MOBILEUM convenes the region's leading telecom operators at WEMEET ASIA 2022
Bizverse has officially become a Meta long-term strategic partnership
STL divests IDS as a part of its ongoing portfolio realignment
Frost & Sullivan Honors Tampa Electric Company and Warren, Simpson & Butler County Water Districts with Itron Excellence in Resourcefulness Awards
Mindray Showcases Hematology Innovations and Academic Achievements to the World at ISLH 2022
Deepak Chopra & Seva.Love Announce "ChopraVerse: House of Enlightenment," the Metaverse for Wellbeing in Collaboration with Utopia
MSC TO DEVELOP AIR CARGO SOLUTION IN RESPONSE TO MARKET DEMAND
Harpercollins is proud to announce the upcoming release of The Anarchist Cookbook: A Toolkit to Protest and Peaceful Resistance by Aakar Patel Illustrations by PenPencilDraw
Saudi Arabia launches Nusuk, an integrated digital platform, to facilitate pilgrim journeys for visitors from around the world
MEIL's wholly owned subsidiary MeghaGas, now MCGDPL, to execute City Gas Distribution
Yabx emerges as a leader in digital lending platforms at the top Global Fintech Awards
FII Institute reveals the world's top priority is the rising cost of living
All about IBSAT - One of the Top MBA Entrance Exams in India
MAPIC India 2022 honors India's most admired retail and tech innovators at the MAPIC India Retail Awards
Hasiru Dala Innovations joins forces with Satma CE to give immutable waste traceability from collection to final product made from waste
Bank of Baroda launches Baroda Tiranga Deposits
Alicon Castalloy Limited wins large, multi-year order from Jaguar Land Rover for eMobility Platform
mCaffeine's Biggest Body Care Launch Gets an Overwhelming Response from the Audience: 1 Consumer Subscribed Every 3 Seconds for the Launch
On World Lung Day, Alkem Laboratories pledge to spread awareness about lung diseases through its initiative 'The Healthy Lungs'
LONGi is to showcase its award-winning Hi-MO 5 Series at the Renewable Energy India Expo 2022, unveiling its new Hydrogen Business exclusively for Indian customers
LEXUS INDIA ANNOUNCES MENTORS FOR THE LEXUS DESIGN AWARD INDIA 2023
Mane Kancor CEO Geemon Korah hailed as one of the best CEO's in India
SVKM's NMIMS signs an MoU with HTWG Konstanz, Germany, for short study and research
Top HR Chiefs from TTK Prestige, Silicon Labs, Virtusa, Bureau Veritas at Woxsen's Global HR Leadership Conclave 2022
Mastercard expands decades-long football legacy through GUINNESS WORLD RECORDSâ„˘ title with Luis Figo
Soroco and Whatfix Announce Strategic Partnership
ElevenEs produces a prototype of the largest LFP battery cell in Europe
SHEIN CELEBRATED "ROCK THE RUNWAY: SHEIN FOR ALL", ITS FW22 FASHION SHOW
Huawei Hosts the 9th Global Rail Summit in Berlin
Campus With A Conscience hosts a-week long SDG festival
Woxsen University spearheading the internationalisation of higher education in the region through brand new initiatives