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In contrast, the majority of India’s credit card issuers improved their CX in 2022
NEW DELHI, Aug. 17, 2022 /PRNewswire/ — According to Forrester (Nasdaq: FORR), due to COVID-19, more customers in India are relying on online channels for their banking needs. As India’s banks slow the rate of new branch openings, digital channels will continue to become even more important. The India Banking Customer Experience Index Rankings, 2022 reveal, however, that while Indian banks improved their digital capabilities significantly, they have dropped the ball on in-person interactions. As a result, the quality of overall customer experience (CX) across the Indian banking industry remains stagnant.
In contrast, credit card issuers in India improved the quality of their CX due to their ability to offer hybrid — a mix of digital and physical interactions. Forrester’s Customer Experience Index (CX Index™) rankings for both the India banking and credit card industries indicate that customers had the best experience when their interaction was a mix of in-person and digital.
Key highlights from the report include:
“While the pandemic has accelerated the improvement of digital experiences, the financial services industry must not ignore in-person interactions,” said Amit Bhatia, senior analyst at Forrester. “Overall, customers who had hybrid interactions — a mix of digital and physical — had the best experiences. To achieve CX leadership, brands must ensure that they dive deep into data to understand the drivers that most influence customer loyalty to be able to prioritize their efforts.”
To evaluate the quality of CX in the financial services industry, Forrester surveyed the customers of nine banks and five credit card issuers in India to determine how they perceive their experiences and how CX drives loyalty. Since improving digital experiences for customers has become a key focus for banks since the pandemic, Forrester also evaluated the functionality and UX of the mobile apps of five Indian banks.
Resources:
About Forrester
Forrester is one of the most influential research and advisory firms in the world. We help leaders across technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester’s proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; 70 million real-time feedback votes; and the shared wisdom of our clients.
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