Indian banks excelled in online, mobile banking: Deloitte

In the Deloitte Digital Banking Maturity report, Indian banks outperformed banks worldwide. According to the business, Indian banks outperformed the global average in online banking and mobile banking by 1% and 3%, respectively.

Deloitte selected 304 banks worldwide to examine their level of digital readiness, taking into account the technology they were using and how well-suited they were to their customers.

 

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New Delhi, November 8: India is leading in the domain of digital payment, outperforming its global counterparts. According to the latest survey conducted by one of the top service advisory firms, Deloitte, Indian banks are outperforming their international rivals in terms of digital maturity.

Earlier this week, Deloitte India released its survey-based research, “Digital Banking Maturity (DBM),” which covered about 304 banks in 41 countries, including important economies like the US, China, India, the UK, and Brazil. According to the report’s findings, India has the capacity and chance to advance and emerge as “Digital Champions.”

The top 10% of performers were termed as as “Digital champions,” who were followed in order by “smart followers,” “adopters,” and “latecomers” in the digital space. In mobile banking, Indian banks outperformed the worldwide average by 3%, and in online banking, they outperformed it by 1%. In the research, India won the titles of “Digital adopters” and “Digital smart followers.”

Upon the release of the report, Deloitte India has said, “Indian banks displayed noteworthy performance in the survey, surpassing the global average in several key customer journeys. Being at the forefront of digital transformation, Indian banks are well placed compared with the global average.”

Deloitte India went on to explain that Indian banks have a significant opportunity to increase their digital maturity, particularly in two customer journeys: day-to-day banking and expanding relationships. Beyond banking, ecosystem and account aggregation, account and product management, and personal financial management are important sub-steps with substantial potential for value generation.

For example, at the time of the survey, 57% of digital champions and 25% of Indian banks, respectively, provided the ability for their clients to define financial goals.