Deloitte India’s Digital Banking Maturity (DBM)

About Digital Banking Maturity in India

The Digital Banking Maturity is the largest and most comprehensive benchmarking study of digital retail banking, conducted every two years.

Elevating its status as a truly unique and indispensable resource, the latest edition of our “Digital Banking Maturity (DBM) survey” extends its reach to 349 banks spanning 44 key markets across 6 continents, including powerhouses such as the US, India, China, Brazil and the European Union.

Key themes that have influenced the global banking sector between 2022 and 2024

Evolution, instead of revolution

Banks are focusing on simplifying service design and enhancing service quality, which in turn drives customer demand for their services.

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Convenient banking

Banking services offered to customers revolve around quick service delivery, keeping the customer's convenience in mind.

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All in one-super apps

The scope of banking now includes services beyond banking and value-added ones.

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Transforming customer advisory

Banks now help with financial literacy, boost cross-selling and improve customers’ lifetime value.

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Seeking familiar experiences

Banks take inspiration from popular non-banking applications to offer familiar user experiences, thereby spurring application adoption.

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Hyper-personalised communication

Banks have improved how they communicate their offers, recommendations, support tips, warnings, etc., with a growing emphasis on personalised content.

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Key advancements in the areas

Day-to-day banking saw significant growth, accounting for ~10 pp (out of 16 pp) increase in the DBM score from the previous edition.

The growth in day-to-day banking has been fuelled by advancements in transfer and payments, Personal Finance Management (PFM), card management, accounts and product management
Major improvements have been observed in transfers and payments, with an increase of 2.4 pp over two years. A notable improvement in Personal Finance Management was noticed, as demonstrated by a 1.9 pp rise in its DBM score and a steady enhancement in services related to credit and debit card use, resulting in an overall increase of ~2 pp. Improvements in account and product management, particularly with features such as cybersecurity warnings, customer support tips and service suggestions, have resulted in a ~2 pp increase in DBM score.

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Key advancements in the areas

Expand relationships: Focus on expanding customer relationships, which led to a ~3 pp increase in the DBM score.

Indian banks are focusing on enhancing their services beyond traditional banking, as indicated by a rise in the DBM score increase of ~1 pp. Ecosystem and Account Aggregation (AA), an emerging area for Indian banks, accounts for ~0.5 pp increase.

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Key advancements in the areas

User Experience (UX) insights: Focus on enriching user experience, which led to an increase of ~2 pp to India’s overall DBM score.

Key focus areas include improving navigation, enhancing ease of use, increasing accessibility, providing customisation options and ensuring channel intuitiveness.

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India Market Insights

Nine Indian banks have been recognised as ‘Digital Champions’ among 40 banks that received the title globally
India’s DBM Index has grown from 43% to 59%, witnessing a 16-percentage point (pp) increase
Indian digital champions have outperformed global digital champions across most journey steps, with India’s overall DBM Index of 59% exceeding the global average DBM Index by 20 percentage points (pp)

Deloitte India’s Digital Banking Maturity (DBM)

Charting the road ahead for banks in India

About Digital Banking Maturity in India