Customer experience (CX) benchmarks of India’s top 6 neobanks in 2022

Summary

India's digital-first consumers, shaped by apps like Swiggy, Uber and Urban Company, are bringing the same expectations for speed and frictionless service to banking, and neobanks are positioned to meet that demand precisely because their product DNA resembles platform companies rather than traditional lenders. As new-age digital-only banks release features and upgrades, customers increasingly expect the same convenience and personalisation from their bank that they get from a ride-hailing or food-delivery app.

Building genuinely differentiated customer experience requires more than a slick onboarding flow; it demands hyper-personalised, secure, and integrated journeys that keep customers engaged across every touchpoint. Leading neobanks in India are distinguished by how clearly their leadership has defined a vision for reshaping the banking relationship around everyday customer needs rather than product features alone.

A structured evaluation of the top six neobanks operating in India's retail banking space was built around a seven-point customer journey framework spanning four distinct CX pillars, with an analyst team opening real accounts across each platform to assess onboarding and transaction experiences firsthand.

• The four CX pillars used to score account opening and transaction journeys
• How the methodology accounts for neobanks still in early-stage onboarding, such as Fi and NiYO

Chief experience officers, product leaders and investors evaluating India's neobank landscape will find a rigorous framework for what separates the customers' bank of choice from the rest.