Forrester Announces 2026 India Banking Total Experience Score Rankings

Forrester (Nasdaq: FORR) released its India Banking Total Experience Score Rankings for 2026, evaluating nine major Indian banks – Axis Bank, HDFC Bank, Federal Bank, ICICI Bank, IDBI Bank, IDFC FIRST Bank, IndusInd Bank, Kotak Mahindra Bank and State Bank of India (SBI). The average Total Experience Score across these institutions increased modestly to 64.0 in 2026 from 62.8 in 2025, indicating that banks are largely maintaining existing experience standards rather than achieving the substantial improvements needed for differentiation.

Key Bank Performance Highlights

  • State Bank of India recorded the strongest year‑over‑year improvement, lifting its Total Experience Score enough to place it in Forrester’s leading growth category alongside HDFC Bank, ICICI Bank, and IDFC FIRST Bank.
  • The remaining banks showed incremental gains but did not surpass the modest overall uplift.

Drivers of Brand and Customer Perception

Forrester identified clear communication and pricing transparency as pivotal growth drivers. Customers value banks that use plain language, explain fee avoidance strategies, and offer competitive pricing, which strongly influences brand perception and consideration among non‑customers.

Employee Experience Findings

For the first time, the Employee Experience Index (EX Index™) was incorporated into the Total Experience Score. Data were available for six of the nine banks; among these, three exhibited notable gaps in:

  • Employee engagement
  • Career development opportunities
  • Access to technology
  • Confidence in leadership
  • Working relationships with coworkers

These deficiencies could undermine efforts to enhance customer experience and strengthen brand perception.

Analyst Commentary

"India's banks have invested heavily in digital experiences over the past decade," said Pushpa Marwal, analyst at Forrester. "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."

About Forrester’s Total Experience Score Framework

The Total Experience Score framework evaluates how effectively a company attracts prospective customers through its Brand Experience Index (BX Index™), serves existing customers via its Customer Experience Index (CX Index™), and enables employees to consistently deliver value through the Employee Experience Index (EX Index™). Rankings and detailed results are available to clients of Forrester Decisions services and to license holders of Forrester Market Insights, Forrester AI Access, and Group Reader Access.

Additional Resources

  • Learn more about the 2026 India Banking Total Experience Score rankings.
  • Review Forrester’s Total Experience Score methodology.

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