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LIC is most trusted BFSI brand. SBI tops banks sub-category.

ICICI gets two silvers: ICICI Bank & ICICI Pru Life stand 2nd among Banks and Insurance

India, 23rd January 2012: Life Insurance Corporation (LIC), the country’s biggest insurer, has also emerged as the country’s most trusted brand in the BFSI sector, as per the research conducted by The Brand Trust Report, India Study, 2012. LIC was ranked 8th among 17000 brands studied in the brand and the BFSI category had 70 brands listed. LIC leads the State Bank of India (SBI) ranked 2nd in the BFSI sector by 56% on the Brand Trust Index, Trust Research Advisory’s unique metric for measuring Brand Trust.

State Bank of India is also the Most Trusted Bank and at an All-India rank 19th. ICICI’s flagship brand, ICICI Bank ranked the 2nd most trusted bank in the country among 33 listed. Among insurance brands, ICICI Prudential Life was ranked 2nd after LIC. The Brand Trust Report, India Study, 2012 (BTR 2012), lists India’s 1000 Most Trusted Brands  and is the result of a comprehensive primary research conducted on 61-components of trust – a proprietary tool of Trust Research Advisory. The research is conducted with 2718 ‘influencer’ respondents from 15 cities, generating more than 2 million datapoints from 12000 hours of research.

Among the Banks sub-category, after SBI and ICICI Bank, HSBC comes 3rd, Axis Bank is 4th and IDBI Bank is ranked as the 5th most trusted bank in India. Among Insurance brands, after LIC and ICICI Prudential ranks 3rd, followed by Tata AIG at 4th and Bajaj Allianz ranks 5th most trusted insurance brand in India.

N. Chandramouli, CEO, Trust Research Advisory, marked this preference for State-owned brands in BFSI category and said, “Both LIC and SBI have ranked first and second in the BFSI sector for two years consecutively. Apart from the omnipresence of these two institutions, the sovereign backing is a clear advantage that helps generate greater trust. Two ICICI brands get the trust-vote of India and ICICI Prudential Life Insurance is the 2nd most trusted insurance brand, and ICICI Bank comes second among banks. What is significant is that ICICI Bank is only 18% behind SBI in terms in Brand Trust Index.”

Annexure 1 – Listing of the BFSI sector as per Brand Trust Index


About Trust Research Advisory:

Trust Research Advisory (TRA), a part of the Comniscient Group, is a company dedicated to understanding and simplifying concepts related to Trust. TRA was conceived in 2008 to decipher, analyze and measure Brand Trust, to make it universally understood and easily applied. The organization’s focus areas include Research, Publishing, Trust Training, and Licensing. Trust Research Advisory, is committed to bring forth concepts/ideas to bring out “Trust” in all its manifestations that shall redefine Branding, Marketing Communication and the Behavioural Sciences.

 

About The Brand Trust Report, India Study, 2012:

The Brand Trust Report, India Study, 2012 (ISBN:978-81-920823-1-8), is the result of a primary research based on the proprietary 61-component Trust Matrix. TRA’s Trust Matrix has resulted from several hundred hours of research with sociologists, communication experts and behavioural scientists. This year’s research was conducted among 2718 ‘influencer’ respondents across 15 cities. The study, the most intensive undertaken on Brand Trust across the globe. The study generated nearly 2 million datapoints and 17000 brands and was conducted across 15 cities. Indian Statistical Institute helped create a statistically robust Brand Trust Index which has been used to hierarchically rank India’s brands on the basis of trust. This report is the second in the series initiated in 2011.

 

The BTR lists India’s 1000 Most Trusted Brands nationally. In this, 22 are listed in the Personalities category, and this list is led by Anna Hazare who has surged gaining the nation’s trust ahead of popular personalities like Sachin Tendulkar, Salman Khan, Amitabh Bachchan and Aamir Khan featuring in that order. Among business personalities Ratan Tata is the Most Trusted, followed by Vijay Mallya, Bill Gates and Steve Jobs.

Most Trusted leaders in some other categories are Armani in Branded Fashion, DLF in Construction, NIIT in Education, ONGC in Energy, PVR in Entertainment, Pepsi in F&B, Dabur in Healthcare, Taj Hotels in Hospitality, Google in Internet, ACC in Manufacturing, Thomas Cook in Services, Being Human in Social Sector, Hewlett Packard in Technology, and Air India in Airlines.

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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.

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