IDFC First Bank, ICICI banking platforms rated best in India: Forrester

IDFC is the top-rated platform overall whilst ICICI was best in overall experience.

IDFC First Bank was Indian customers’ top rated banking platform, according to a new study by Forrester.

For the second-straight year, IDFC’s platform took the top spot thanks to the features it offers. Respondents noted its expense tracking and personalized financial insights features of its financial management platform, Forrester said in its report “Digital Experience Review™: Indian Mobile Banking Apps” for Q3 2024.
 
In terms of overall experience, ICICI Bank was on top, with users hailing its “intuitively designed app.”

Axis Bank, meanwhile, was recognized for its “user-centric approach, accessibility, and security.”

Leading Indian banks notably have started their open banking journey by adopting the account aggregator framework powered by India’s digital stack. 

“They’re redefining their customer service standards by integrating automation tools like UPI and Aadhaar verification and are experimenting with AI to deliver personalized, real-time financial solutions. This early progress reflects a strong commitment to financial inclusion and improved CX,” Forrester said. 

“Over the years of evaluating digital services of Indian banks, we have observed that CX leaders grow revenue faster than CX laggards,” said Pushpa Marwal, analyst at Forrester.  

Those that invested in enhancing digital services have been able to cut costs, reduce risk, and price their products better. 

“Mobile banking apps are a crucial component of the overall banking experience. Whilst the major Indian banks have introduced innovative digital services and features, there are certainly areas to improve,” Marwal added.

Forrester suggested adding a feature that makes it easier for users to find and view transactions, noting that most of the banks reviewed offer limited transaction search functionality and insufficient details.