Most Indian banking apps behind the curve on functionality

• ICICI Bank is the overall digital experience leader.
• Report shows that banks have improved their user experience only marginally and lag behind in functionality.

Bengaluru: Despite the renewed push for digital due to the Covid-19 pandemic, most Indian mobile banking apps are behind the curve on functionality, with ICICI’s iMobile app being the exception, says a new report from market research firm Forrester.

Mobile apps are the touchpoint of choice for millions of Indian consumers to manage their finances.

Forrester data indicates that 70 per cent of Indian online adults with a bank account do their banking on a mobile app or website using their smartphone.

The report reviews the mobile banking apps of five banks in India: Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and State Bank of India (SBI).

Compared with 2019, the report shows that banks have improved their user experience only marginally and lag behind in functionality. Four banks’ functionality scores fell – ICICI Bank’s was unchanged and is the overall digital experience leader.

“ICICI comes out on top with a wide range of features and good UX design. Of the six functionality categories we evaluated, ICICI’s app leads in four: account access and management, money management, money movement, and assisted service,” it said.

Banks can win in mobile by reducing the cognitive load on the customer. This means identifying customers’ top tasks on the app and prioritising features and design updates that support these.

Forrester, through its evaluation, found some best-in-class practices at each of the banks they reviewed:

• Improve navigation with the transaction and universal search.
• Use categorisation to help customers understand how they’re using their money.
• Give unobstructed access to help and support.
• Provide relevant content that’s easy to read and understand.
• Reassure customers that their money and data are safe.