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|