Forrester study unveils low Indian banking market scoring

Thursday 21 July 2016 00:04 CET | News

Indian financial services industry has shown great interest in adopting emerging technologies, but Indian banks are still susceptible in leveraging mobility and cloud.

According to 2016 Global Mobile Banking Benchmark study from Forrester, none of the six Indian banks Axis Bank, Citibank India, DBS Digibank, HDFC Bank, ICICI Bank, and State Bank of India (SBI) scored above the global average of 65 out of 100.

The highest rated Indian bank is ICICI Bank with an overall score of 63 out of 100, while the lowest scored 35 points among 46 large retail banks. Axis Bank scored 52 points and HDFC Bank 48 points, while Citibank in India stood second last with 38 points. Even DBS Bank, which is among the foremost players in India when it comes to bringing mobility into banking, scored 57 points.

On the other side, Australia’s Westpac topped the annual benchmark, scoring 86 points. A cluster of nine other banks, CaixaBank in Spain, CIBC and Scotiabank in Canada, Garanti in Turkey, Bank of America in the US, Bank Zachodni WBK in Poland, Lloyds Bank in the UK, Wells Fargo in the US, and Commonwealth Bank in Australia, were at the forefront of mobile banking, according to Forrester.

The study went across 14 countries, including Australia, Canada, China, France, Germany, India, Italy, the Netherlands, Poland, Singapore, Spain, Turkey, the UK, and the US.

The survey was conducted between February 15 and April 15, 2016 and banks were evaluated based on range of touchpoints, enrolment and login, account information, transactional functionality, service features, cross-channel guidance, and marketing and sales.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Forrester, mobile banking, digital banking, India, Axis Bank, Citibank India, DBS Digibank, HDFC Bank, ICICI Bank, State Bank of India
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech