Forrester Charts Experience Gap Among Indian Banks

Forrester has found that Indian banks aligning customer, brand and employee experience are better placed to attract customers, strengthen loyalty and support sustainable growth. Its India Banking Total Experience Score Rankings, 2026 assessed nine banks and recorded an average score of 64.0, up from 62.8 in 2025. State Bank of India posted the strongest year-on-year improvement, joining HDFC Bank, ICICI Bank and IDFC FIRST Bank in the leading growth category. The research also introduces employee experience data into the rankings for the first time, highlighting areas that could affect banks’ capacity to differentiate.

Modest Progress Across Banking

The rankings cover Axis Bank, HDFC Bank, Federal Bank, ICICI Bank, IDBI Bank, IDFC FIRST Bank, IndusInd Bank, Kotak Mahindra Bank and SBI. Forrester’s findings indicate that the modest increase in the average Total Experience Score reflects banks maintaining existing standards rather than delivering the improvements needed to distinguish themselves and sustain business growth.

As digital services become increasingly similar across the sector, the research positions the connection between brand, customer and employee experience as a central consideration for banks seeking to stand apart. Forrester’s India Banking Total Experience Score Rankings, 2026 assesses how firms attract prospective customers through their brand, serve existing customers and enable employees to deliver value consistently.

Transparency Shapes Customer Perception

Clear communication and pricing transparency emerged as important growth drivers in the research. Customers value banks that use plain language and explain how fees can be avoided, while competitive pricing remains a strong factor in how noncustomers view and consider a bank.

SBI’s improved Total Experience Score was attributed to gains in customer experience. The bank’s movement into the leading growth category places it alongside HDFC Bank, ICICI Bank and IDFC FIRST Bank on Forrester’s Total Experience Score growth grid.

Employee Experience Comes Into Focus

Forrester incorporated its Employee Experience Index into the India banking rankings for the first time in 2026. Of the six banks with employee experience data available, three showed gaps in employee engagement, career development opportunities, technology access, confidence in leadership and working relationships with colleagues.

These attributes may affect efforts to improve customer experience and reinforce brand perception, according to the research. Forrester’s Total Experience Score methodology brings together brand, customer and employee dimensions to assess how effectively a company delivers across each area.

Connecting Three Experience Dimensions

The research points to a more integrated experience model as digital capabilities become a basic expectation for banking customers. Its findings place employee experience alongside customer and brand performance as part of banks’ ability to create distinction in a digitally mature market.

Pushpa Marwal, analyst at Forrester, said:

“India's banks have invested heavily in digital experiences over the past decade. As a result, customer expectations have increased, and digital capabilities have become table stakes. To drive sustainable growth, banks will need to align their brand promise to their customer experience and rely on their employees to execute on that promise. Organizations that connect the three dimensions of brand, customer, and employee experience will have the ability to differentiate in a market where product and digital experiences are becoming increasingly similar.”