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Indian Banks Excel in Digital Banking, Focus on Improvements
November 09, 2023
Indian banks have outperformed the global average in the Digital Banking Maturity survey conducted by consultants Deloitte. While they scored high in user experience, the survey suggests there’s room for growth, especially in areas like relationship management, customer onboarding, and day-to-day banking services. The study, which analyzed 304 banks globally, highlighted the need for Indian banks to catch up with the “global champions” who lead in providing non-financial services like healthcare.
Vijay Mani, a partner at Deloitte India, emphasized the importance of Personal Financial Management (PMF) as a crucial aspect of money management, especially with millennials and Gen Z driving the digital banking landscape. He pointed out that PMF would become even more essential in the future.
While the names of the top eight Indian banks surveyed were not disclosed, the study indicated that their digital preparedness and technology adoption were pivotal factors. Deloitte’s findings underline the necessity for Indian banks to enhance their services further to meet evolving customer needs.
As the banking sector adapts to a digital-first approach, the survey serves as a valuable benchmark, guiding Indian banks toward continuous improvement. With the growing influence of younger generations, banks are expected to focus on enhancing digital offerings, ensuring seamless user experiences, and incorporating innovative features like PMF to stay competitive on the global stage.
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