Summary:

Indian banks have made significant progress in digital transformation, outperforming global peers in several banking operations, according to Deloitte's 2024 Digital Banking Maturity (DBM) report. India’s DBM index increased from 43% in 2022 to 59% in 2024, surpassing the global average. Nine out of twelve major Indian banks were designated "Digital Champions." Key enhancements, such as real-time payments, virtual cards, and improved personal finance tools, have boosted customer experience and banking efficiency.

Card management has improved with features like customizable, recyclable cards and automated credit limit adjustments. While the global average rose by three points, India saw a solid two-point increase. Indian banks also strengthened customer interactions, reflected in a three-point rise in the DBM index. Innovations include loyalty rewards, gift card purchases, and non-financial benefits. Ecosystem and account aggregation services enhanced customer relationships, though India’s growth (0.5 points) lags the global average of three points. User experience (UX) improved with better navigation and accessibility.

Source: IBEF

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