The mobile banking sector in India has been evolving over the years. Today, we have most banks offering mobile banking features. Forrester recently evaluated six Indian banks and rated them for the mobile banking features they provide.
According to Forrester’s 2016 Mobile Banking functionality benchmark of Indian banks that evaluated six retail banks in India on 40 criteria, ICICI Bank topped the charts. It scored 63 points out of 100, providing a range of touchpoints, transactional features and cross-channel guidance. The other banks in the list that have been evaluation include Axis Bank, Citibank India, DBS digibank, HDFC Bank, and State Bank of India (SBI). The report highlights that 57 percent of all mobile phones in India are still feature phones. So, it’s only logical when banks focus on SMS as a channel to serve users. It further adds that SBI offers most comprehensive SMS banking features.
The mobile banking sector in India has been evolving. The deeper smartphone and Internet penetration are said to be some of the primary reasons. Indian smartphone subscribers have increased to 286.3 million in 2016, an annual compound growth rate of 61.25% since 2010.
Some other highlights of the report include DBS digibank offering the second-best mobile banking functionalities. Mobile banking apps from most banks support leading platforms like Android and iOS. HDFC supports maximum number of platforms which includes Android, iOS, Windows, BlackBerry, and Symbian. Talking about security and privacy, it says multifactor authentication is common across banks. DBS and Citibank India also add features like "remember this device" and the ability to save names. The report adds that banks still lack money management tools. DBS digibank has put in place interactive mobile banking app and money management charts. HDFC also offers some basic graphics for money management.