Most of the Indian banks are following the changing needs of customers on their mobile apps, allowing customers to understand their spending and loans, create useful budgets, gain personalized insights, proactive advice, track their financial health and their financial life. There is little to help monitor. A new report has revealed.
Indian banks have the lowest average score in wealth management capabilities. In fact, according to the latest Q3 2022 report by global research firm Forrester, no bank has scored more than 60 in this area of mobile banking.
Despite better navigation, most Indian banks still struggle to implement good search in their apps, such as app functionality or when searching for a particular transaction, as noted in the report.
Most Indian banks now display a Privacy Policy but the content is verbose and not easy for the public to consume.
“Many banks struggle to design rich apps well. A good mobile banking experience strikes the right balance between useful functionality and great user experience,” the report said.
In 2021, 72 percent of online Indian adult customers said they have used a mobile banking app for their banking activities in the past month, and the number of mobile-only goers is increasing.
“The new functionality seems to be tied to older parts of the app and often looks completely different. The plethora of new payment options decouple the payment experience,” Forrester’s report said.
The user experience of Indian banking apps has improved significantly since 2020. Many have newer, cleaner interfaces that make payments simpler and easier by offering a combined search of registered payees regardless of the payer’s bank.
“But major concerns remain,” the report said.
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