Home Business Most Indian banking apps lag behind in functionality: Report

Most Indian banking apps lag behind in functionality: Report

Despite the renewed push for digital due to the Covid-19 pandemic, most Indian mobile banking apps, except ICICIs iMobile app, are behind the curve on functionality, says a new report from market research firm Forrester.

About 70 percent of Indian online adults with a bank account do their banking on a mobile app or website using their smartphone, show data from Forrester.

However, compared with 2019, banks have improved their user experience only marginally and lag behind in functionality, said the report which evaluated the smartphone apps of five banks in India — Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and State Bank of India (SBI).

For the study, the researchers scored banks’ mobile apps on 39 functionality and 24 user experience criteria.

“While banks have been focusing on improving UX (user experience), they do not give equal attention to all aspects of it. ICICI Bank does a good job of streamlining payment experiences but can do better at error prevention,” said the report.

“Axis Bank offers clutter-free visual design and clear content but lacks help pages. HDFC Bank helps customers prevent errors and shares privacy information upfront but falters with unclear language and marketing material that impedes progress,” it added.

Kotak Mahindra Bank does well with its chatbot but stumbles with poor search, the research showed.

“SBI offers good content around spending patterns but fails to provide sufficient privacy and security cues and content,” according to the report titled “The Forrester Digital Experience Review: Indian Mobile Banking Apps, Q3 2020”.

The results showed that the functionality scores of four banks fell.

Functionality scores of ICICI Bank, which emerged as the overall digital experience leader, remained unchanged, said the report.

Most Popular

Salesforce to buy Microsoft Teams rival Slack: Report

Cloud software firm Salesforce is reportedly planning to buy Microsoft Teams rival and enterprise chat platform Slack within days. According to a Wall Street Journal...

Wrong of party MLAs to participate in anti-coal protests: Goa BJP chief

Irked by more and more ruling BJP MLAs joining public protests against transportation and handling of coal at the state's only major port, state...

Pneumonia vaccine may reduce impact of Covid-19: Study

Pneumonia vaccines can potentially reduce the impact of viruses such as Covid-19, said researchers, adding that it has reduced illness and death in patients...

Kriti Kharbanda shares her goofy mood

Actress Kriti Kharbanda has shared her mood in a recent post on social media. Kriti posted a picture on Instagram, where is seen making...
FMIM Ad