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Indian banks may be investing heavily to ramp up their digital offerings, but most of them are still behind global benchmarks when it comes to their online banking website, according to a survey by market research firm Forrester.
The report said that ICICI Bank, Axis Bank and Kotak Mahindra Bank deliver good online banking functionality and user experience, but other Indian banks are way behind. Poor or missing functionality, weak search, navigation, and error-handling capabilities mean they fail to meet customers’ expectations at times. “Forty-two per cent of Indian online banking customers use branches because some banking activities can only be performed in person. For example, disputing a fraudulent transaction still requires customers to submit paper forms at a branch.
“There is a clear need to improve online banking capabilities to offer more comprehensive, innovative, and enhanced banking features that meet customers’ evolving needs,” the research firm said in its report, The Forrester Banking Wave: Indian Online Banking Websites, Q3 2018.
“Unfortunately, our reviews found that many experiences miss the mark. Indian banks have prioritised investments in mobile banking apps, neglecting online banking and putting future business growth at risk by failing to design services that meet the changing needs of their customers,” it added.
The study is based on detailed analysis of 50 functionality and 30 user experience criteria.
Privacy and security
On security and privacy, the report said that aside from HDFC Bank, most of the banks it reviewed do a poor job of educating customers on security topics such as online fraud.
Self-service features that let customers initiate or complete requests without having to interact with a bank employee are becoming important.
“To boost trust, banks must offer the ability to dispute a transaction, especially in the face of rising electronic transaction fraud. The banks we reviewed in this report fail to fully adhere to the RBI’s guidelines on limiting customers’ liability for unauthorised electronic banking transactions.”
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