Banks survive on Trust, on the primary promise of safety of the money invested, and the secondary promise of good returns. The Indian banking system is financially stable and has been quite resilient to the recent shocks felt by the world. So much so that 20 Indian banks have been included in the Brand Finance® Global Banking 500 with a total brand value of US$ 13 billion.
From a large list of India’s 96 scheduled commercial banks, 27 public sector banks, 31 private banks and 38 foreign banks, the 300 most trusted brands of the Brand Trust Report study includes 10. State Bank of India leads the list of Indian banks with an All India Brand Trust rank of 11 and ICICI follows closely behind at rank 15. Just to note, 7 of the banks in the most trusted list have a wide stakeholder base as they are well-traded, publicly listed companies.
When we compare banks on the Brand Trust Composites, the two most important ones for this sector are Credibility, and Sincerity. Trust, which is slowly and pains takingly gained, always faces the danger of getting eroded if there is any loss to these two important composites. India’s expected growth of 9% is actually fuelled by a robust and well balanced bank-led financing system under RBI’s (which itself ranked 161 on the Brand Trust list) guidance.
These visible Composites apart, one of the less visible Composites that can make a very large difference to the Brand Trust of this category is Enthusiasm, which directly implies confidence and proactive response, and these are very important when dealing with money.