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Ep.1: CX Benchmarks of Top 13 Neobanks in India

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CX

Background

Neo banking is one of the biggest trends in the financial services industry, across Asia Pacific, and neobanks thrive on providing great customer experience (CX). They build immersive and frictionless experiences while educating customers with the right services throughout the journey. To understand this journey real-time, Twimbit’s analyst team created real accounts with 13 Indian neobanks offering retail banking services. The team evaluated neobanks’ CX capabilities in the account opening and transaction processes. The entire customer journey has seven critical digital measures of success for customer growth and engagement. These digital measures of success span from getting the app, registering for an account, conducting KYC, uploading the documents, activating the account, identifying debit card features to finally accessing innovative services.

Customer Experience (CX) Benchmarks of India’s Top 13 Neobanks

Speakers

Manoj Menon

Hi there, and welcome. I’m Manoj Menon, MD and founder of Twimbit. And today’s conversation, we are going to focus on customer experience in neo banking. Clearly, neo banking is one of the biggest trends in the financial services industry across Asia Pacific, and neobanks thrive on providing great customer experience. And I’m thrilled to have my colleague Varnika Goel, who led a major research effort to study the customer experience in India’s top neobanks. Varnika, great to have you. So what is this study, Varnika? How did we go about doing this study, in terms of doing CX benchmarks for neobanks in India?

Varnika Goel

Thank you very much, Manoj, great to be here. So what I did was, we’re studying the neo banking environment, and we studied the entire landscape in APAC, and now we’ve culled it down to India. And in India, we understood that there are about 25 plus neobanks, catering to both retail business SME sector, out of which we identified that a few of them are still in the beta testing phase. And a few of them have come out with their propositions, are doing very well in the market. So we actually went about and opened real bank accounts with each one of them. And based on that, we shortlisted our Top 13 through which we could actually test out our entire end-to-end customer journey and comment on their customer experience.

Manoj Menon

Oh, fantastic. So you looked at all the neobanks – 25 plus, you narrowed it down, brought it down to about 13 of them. How did you come up with the 13? You must have used a framework?

Varnika Goel

Definitely. We had a seven-parameter framework. We’ve categorized the entire customer experience in these seven parameters. We started from the very basic, of whether we are getting the mobile app, and how app storage is for that app, and how easy it is to download and get started with. Whether it’s available in both operating systems of Android and iOS. Then we moved on to the ease of account opening. So we were talking about how easy, how many steps does it take to actually open an account? What inflection points are there? And what are questions that the customer needs to answer to finally complete its account opening process. Then the third was about KYC authentication, which becomes the primary aspect of opening an account, where you have to do your identity verification. What was the process involved? And does it involve multiple interventions? Did it involve in-person intervention, or was it completely virtual? And then we talked about identity documents. Does the customer have to upload their identity documents, physically verify identity documents? And then we finally went about how much time does it take to activate an account? Is it a completely digital process and gets activated within the app? Or do we have to go to a branch to complete our identification? And then finally, our account activation happens. And then once all of that is over, when the customer is all-in, what kind of innovative features do you provide? Is your debit card cool enough to flaunt? Does your debit card provide you enough features that you can do a facial payment or a biometric payment? Your virtual card, is right away in your hands at the time of activation? And then finally, what innovation are you doing in services? Are you providing some analytical dashboards, or you’re doing some gaming theories? Do you have some kind of an emoticon-led intuitive interface? And what services, that you’re providing just beyond the basic bank account? So this was the overall framework that we went about.

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