According to the 6th Deloitte Global Digital Banking Maturity (DBM) survey, nine Indian banks have been recognised as ‘Digital Champions’ among 40 banks that received the title globally. Since 2022, India’s DBM Index has grown from 43% to 59%, witnessing a 16-percentage point (pp) increase. Indian banks have observed the most notable gains in day-to-day banking (+9.8 pp) and expanding relationships (+3.4 pp). This change reflects Indian banks’ increasing digital maturity, showcasing their focus on customised advisory, rapid technological advancements, AI integration and beyond-banking offerings.
The Global DBM study, conducted biennially, surveyed 349 banks in its latest edition, assessing participants based on their retail banking maturity across three main channels: public websites, internet banking and mobile banking, which includes application messenger service-based banking. Using mystery shopping methodology, the banks’ features were evaluated across six customer journey steps, namely information gathering, account opening, customer onboarding, day-to-day banking, expanding relationships and end relationships.
The survey further highlights that Indian Digital Champions have outperformed their global peers across most journey steps, with India’s overall DBM Index exceeding the global average index by 20 pp. Indian Digital Champion banks scored significantly higher in information gathering, customer onboarding, day-to-day banking and overall user experience. The latest edition of DBM has improved the methodology by adding UX insights as a benchmarking segment in addition to the customer journey steps, per the report.
However, there is room for further improvement, especially across day-to-day banking and expanding relationships, focusing on areas such as personal finance management, conversational solutions for hyper-personalised support and product cross-selling, Deloitte stated in a press release.