Most Indian banks offer worst customer experiences on mobile apps: Report

Most Indian banks are falling behind customers’ changing needs on their mobile apps, doing too little to help customers understand their spending and debts, create useful budgets, receive personalised insights, get proactive advice, track their financial health, and monitor their financial lives, a new report has revealed.

Indian banks have a lowest average score in money management capabilities. In fact, no bank scored higher than 60 in this area of mobile banking, according to the latest Q3 2022 report by global research firm Forrester.

Despite improved navigation, most Indian banks still struggle to implement good search in their apps, such as when searching for app functionality or a particular transaction, the report mentioned.

More Indian banks now display a privacy policy but this content is verbose and not easy to consume for the masses.

“Many banks struggle to design rich apps well. A good mobile banking experience strikes the right balance between useful functionality and great user experience,a said the report.

In 2021, 72 per cent of online Indian adult customers said they used a mobile banking app for their banking activities in the past month, and the number going mobile-only is growing.

“New functionality feels bolted on to older parts of the app and often has a completely different look and feel. The addition of a plethora of newer payment options makes the overall payment experience disjointed,” said the Forrester report.

The user experience of Indian banking apps has improved significantly since 2020. Many have newer, cleaner interfaces that are easier to navigate and simplify payments by offering a combined search of registered payees irrespective of the payee’s bank.

“But key concerns remain,” said the report.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Originally appeared on: TheSpuzz