The Evolving Landscape of Indian Banking
India's financial sector is undergoing a massive digital transformation. From instant UPI payments to seamless online loan approvals, technology has redefined how citizens interact with banks. However, this rapid digitization has also brought underlying structural challenges to the surface. Global research and advisory firm Forrester has released its latest findings in the 'India Banking Total Experience Score Rankings, 2026', shedding light on critical gaps that could limit the future growth of financial institutions.
The comprehensive study evaluated nine major Indian banks, including Axis Bank, HDFC Bank, Federal Bank, ICICI Bank, IDBI Bank, IDFC FIRST Bank, IndusInd Bank, Kotak Mahindra Bank, and the State Bank of India (SBI). The report assesses how effectively these institutions integrate customer experience (CX), brand experience (BX), and employee experience (EX).
Stagnant Total Experience Scores Across Major Banks
According to the research, the average Total Experience Score of the evaluated Indian banks increased marginally from 62.8 in 2025 to 64.0 in 2026. This slight upward movement indicates that financial institutions are largely operating on existing experience standards rather than making the critical transformations necessary to drive sustained business growth and stand out in a crowded marketplace.
As digital maturity reaches new heights across the country, banks are increasingly offering similar digital interfaces. This uniformity makes it harder for potential customers to differentiate between brands and for institutions to foster deep loyalty among existing users.
The Critical Link Between Employee and Customer Experience
Forrester analyst Pushpa Marwal emphasized the need for holistic alignment: "Over the past decade, Indian banks have invested heavily in digital experiences. As a result, customer expectations have risen, and digital capabilities have become table stakes. To drive sustained growth, banks will need to align their brand promise with their customer experience and trust their employees to deliver on that promise."
The report underscores that ignoring employee experience (EX) while focusing solely on customer-facing technology will ultimately hinder long-term success. Banks must empower their workforce to deliver exceptional service, ensuring that internal operations match external brand promises.
