Tag Archives: CITI bank

ICICI and HDFC Bank knock trust of reigning giant SBI

Mumbai: 9th March, 2016: The Indian economy has struggled to gain the trust of customers lost by the words of policymakers that have not translated into action of borrowers. Despite this there is a sense of optimism that stems from the 23 out of 27 banks that have risen in trust ranks according to The Brand Trust Report 2016 launched by TRA (formerly Trust Research Advisory). The Indian multinational banking and financial services company ICICI Bank (All-India Rank 10) tops the list for the first time as India’s Most Trusted Bank. ICICI Bank leaps 38 ranks from its previous years’ ranking to beat the government-owned corporation – State Bank of India (All-India Rank 23) who reigned this sector for the past five years. Another astonishing fact is the giant leap of 329 ranks taken by HDFC Bank (All-India Rank 12), making it the 2nd Most Trusted bank and listing it in the All-India Top 20 Most Trusted Brands. A bank to watch out for is IDBI Bank with its consistently rising trust ranking every year from All-India Rank 208 in 2011 to All-India Rank 63 in 2016.

Commenting on this, N. Chandramouli, CEO, TRA stated, “This rising trust in banks is a lead indicator for business momentum. The banking sector has been trying to connect with the interests of their customers in order to garner trust. In this the private banks have gained great momentum over the State – owned SBI. On the contrary, SBI’s comparatively lower ranking this year calls for the bank to strengthen their communication strategy and get its brand act together. The ripple effects of this could help the PSU giant revitalize its trust.”

The other banks that feature among the top 10 banks are Kotak Mahindra Bank (All-India Rank 66), Yes Bank (All-India Rank 99), HSBC (All-India Rank 106), Axis Bank (All-India Rank 113), Punjab National Bank (All-India Rank 122) and Bank of India (All-India Rank 172). Whereas Axis Bank (All-India Rank 113), UCO Bank (All-India Rank 554), Union Bank of India (All-India Rank 643) and Standard Chartered (All-India Rank 946) have fallen in their All-India Rank.

These revelations are the result of The Brand Trust Report 2016, the sixth in its series. It is the result of comprehensive primary research conducted on the proprietary 61-Attribute Trust Matrix of TRA (formerly known as Trust Research Advisory). This year’s study involved 18,000 hours of fieldwork covering 2500 consumer-influencers across 16 cities in India and generated 6 million data-points and 20,000 unique brands from which the top 1000 brands have been listed in this year’s report. The 200 page, hardbound report is available for Rs. 14000/-.

About TRA (formerly Trust Research Advisory):

TRA, a Comniscient Group company, is an actionable insights and brand intelligence company dedicated to understanding and analyzing stakeholder behaviour through two globally acclaimed, proprietary matrices of Brand Trust and Brand Attractiveness. TRA was conceived in 2008 to decipher, analyze and measure Brand Trust, to make it universally understood and easily applied. TRA conducts primary research with consumers and other stakeholders to assist business decisions and give brands insights on solutions to consumer behaviour. TRA provides Competitive Intelligence Reports mined from its 15 million data-points on brand intangibles of 20,000 brands, and also undertakes custom-made studies for brands. TRA is the publisher of The Brand Trust Report, India’s Most Attractive Brands & India’s Most Trusted Educational Institutes.

About The Brand Trust Report 2016:

The Brand Trust Report 2016 (ISBN: 978-81-920823-9-4), the sixth in the series, is the result of a primary research based on the proprietary 61-Attribute Trust Matrix of TRA. This year’s research was conducted among 2500 consumer-influencers across 16 cities, and generated nearly 6 million data points and 20,000 unique brands, making it the most intensive study on Brand Trust across the globe.

 

Bank Ranks BTR 2016 BTR 2015 Rank Diff Brand Name Sub-Category
1 10 48 38 ICICI BANK Bank – Private
2 12 341 329 HDFC BANK Bank – Private
3 23 41 18 STATE BANK OF INDIA Bank – PSU
4 63 64 1 IDBI BANK Bank – PSU
5 66 137 71 KOTAK MAHINDRA BANK Bank – Private
6 99 375 276 YES BANK Bank – Private
7 106 120 14 HSBC Bank – Foreign
8 113 78 -35 AXIS BANK Bank – Private
9 122 439 317 PUNJAB NATIONAL BANK Bank – PSU
10 172 211 39 BANK OF INDIA Bank – PSU
11 194 195 1 BANK OF BARODA Bank – PSU
12 208 574 366 CITIBANK Bank – Foreign
13 213 INDIAN OVERSEAS BANK Bank – PSU
14 313 492 179 CANARA BANK Bank – PSU
15 331 INDIAN BANK Bank – PSU
16 350 KARUR VYSYA BANK Bank – Private
17 554 474 -80 UCO BANK Bank – PSU
18 643 620 -23 UNION BANK OF INDIA Bank – PSU
19 663 VIJAYA BANK Bank – PSU
20 678 UNITED BANK OF INDIA Bank – PSU
21 698 COSMOS BANK Bank – Cooperative
22 801 862 61 DENA BANK Bank – Private
23 801 862 61 DENA BANK Bank – PSU
24 823 ALLAHABAD BANK Bank – PSU
25 877 ORIENTAL BANK Bank – PSU
26 920 PUNJAB AND SIND BANK Bank – PSU
27 946 879 -67 STANDARD CHARTERED Bank – Foreign

 

Leave a comment

Filed under Bank, BFSI Sector, Brand Trust, Licensing, Trust, Uncategorized

Banking on ‘Trust’

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.

Leave a comment

Filed under Bank, Brand Trust, Trust