News excerpt:
According to Deloitte India’s survey-based report “Digital Banking Maturity (DBM)”, Indian banks outperform their global peers in digital maturity score compared to the global average.
Summary of the report:
- The report categorises banks into Digital champions, Digital smart followers, Digital adopters, and Digital latecomers. Indian banks are recognised as "Digital smart followers" and "Digital adopters."
- Indian banks scored 3% higher than the global average in mobile banking and 1% higher in internet banking.
- Deloitte India highlights the untapped potential for Indian banks to enhance their digital maturity in areas like day-to-day banking, personal finance management, beyond banking services, and account aggregation.
- "Digital champions" lead in digital transformation efforts, providing a compelling user interface and showing higher returns on assets and return on equity compared to their peers.
- Critical areas for Indian banks to focus on include enhancing personal finance management and expanding beyond traditional banking services.
- Other areas include embracing open banking for ecosystem and account aggregation and refining account and product management functionalities. These improvements can position Indian banks as digital champions on the global stage.
Digital Banking Maturity (DBM)
- Digital Banking Maturity (DBM) is a framework and methodology developed by Deloitte to assess and measure the digital transformation and maturity level of banks and financial institutions.
- It evaluates how effectively these institutions have embraced digital technologies, processes, and customer experiences.
- DBM helps understand where a bank stands in its digital journey and provides insights into areas for improvement.
