MAM

Kantar releases CX+ India Retail Banking Report 2019

http://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2019/07/12/kantar.jpg?itok=6uTYz381

MUMBAI: In today’s experience era, the majority of CEOs believe customer centricity is essential for driving business growth. However, there is still a big gap between ambition and reality; while 91% of retail bank CEOs in India see the need to become customer-centric, just 29% of consumers believe banks offer truly customer-centric experiences, according to Kantar CX+ study. 

The new CX+ study released by Kantar today is the only sector-specific index that assesses banks based on a unique combination of their customer experience scores. In addition, the study identifies each bank’s Experience Gap – which quantifies the difference between their Brand Promise and the actual customer experience delivered.  

The Top Ten CX+ Retail Banks in India

Ranking

Brand

1

HSBC

2

Standard Chartered

3

Citi

4

Yes Bank

5

IndusInd bank

6

ICICI Bank

7

Kotak Mahindra Bank

8

HDFC Bank

9

Syndicate Bank

10

Axis bank

CX+ reflects that providing excellent customer experiences is no longer enough. In a connected environment, brands and customer experience have become synonymous. Thus the roadmap to growth is based on 5 key CX success factors: 

Clarity of brand promise 

Empowered employees 

Empowered customers 

Creating lasting memories 

Exceptional delivery

Commenting on the launch of the findings and CX+ ranking, Preeti Reddy, CEO-South Asia, Insights Division, Kantar said: “We live in the age of experience, but many brands are still missing the mark as there’s a huge gap between brand promise and customer experience. Our study reveals that the top-ranking Retail banks in India have delivered a superior customer experience that is matched with a strong brand promise thus giving them a distinctive Experience advantage over their competition. However, there’s a huge opportunity for growth as half of India is still unbanked and are increasingly looking up to their banks to give them more personalised experiences, smoother and more convenient digital services, and a more human approach to technology. Encouragingly, the entire industry has a unique opportunity to enhance its service for a receptive, fast-growing audience.

Other findings underline the clear benefits of delivering strong customer experience:  

Banks that lead in the CX+ Index are 1.6x are more likely to be recommended than banks at the lower end of the index. 

Banks that deliver an excellent experience on digital channels are 2.5x more likely to delight customers.

Customers are 3.6x more delighted when they feel appreciated by their bank. 

While improved customer experience can benefit financial services companies across the board, the opportunity to grow is particularly significant among women, according to the research:

About 114m Indian women are unbanked. About half of women in India with personal bank accounts use them in a limited capacity or not at all.

Women use more online banking than men (w: 55,7%, m: 49,8%) and are less likely to visit branches (w: 61,6%, m: 64,7%). 

Women are more skeptical regarding FinTechs / technology-enabled banking providers. They feel less in control of their finances with technology-enabled banking providers 

(w: 39%, m: 44%).

The Kantar CX+ study analyzed 7,280 retail banking customers in India and was conducted in 2019.

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/23/venugopal.jpg?itok=OFxzxZnV
1-IndiaFamilyMart appoints new COO Venugopal Konchada

MUMBAI: Continuing with its goal to provide an outstanding retail experience to the people in tier-2, 3 & 4 cities, 1-IndiaFamilyMart, a leading value retail chain owned by Nysaa Retail Private Limited has recently roped in retail industry veteran Venugopal Konchada as Chief Operational Officer...

MAM Marketing MAM
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/23/budwiser.jpg?itok=8KrF__NR
Budweiser Experiences announces multi-year global sponsorship with the Premier League and LaLiga

MUMBAI: Budweiser Experiences today announced multi-year partnerships with two of the top international football leagues, the Premier League and LaLiga. As a long-time partner of the FIFA World Cup™ and supporter of football leagues and several national teams worldwide, Budweiser Experiences is...

MAM Marketing MAM
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/23/kelly.jpg?itok=sjVJwtKH
Group M global CEO Kelly Clark Steps down

MUMBAI: As reported by The Drum, Group M global chief executive officer Kelly Clark has resigned from his post after serving it for three years. He, reportedly, will be replaced by current Group M agency Essence chief executive officer Christian Juhl. The agency is still finding a replacement for...

MAM Media and Advertising People
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/23/miss.jpg?itok=nqVNk7om
One year and 25,000 members later, Malini’s Girl Tribe introduces a new logo and makes way for a bigger, more engaged community

MUMBAI: A year ago, Malini Agarwal, Founder and Creative Director MissMalini Entertainment created a community on Facebook called Malini’s Girl Tribe—an inclusive space for women everywhere. Here, women uplift other women, have real conversations about life, love, work and more. As time passed,...

MAM Marketing MAM
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/23/cyclesw.jpg?itok=A_PLhXCc
Go biking the Shiva Style as Viacom18 Consumer Products launches an all-new range of Shiva Cycles

MUMBAI: Scorching heat, incessant rains, chilling winters, nothing can deter a child’s excitement to go outdoors and pedal through the streets. As a favourite pastime and a significant routine for toddlers, tweenies, and teens, cycling defines the essence of one’s childhood. Keeping up with the...

MAM Marketing MAM
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/23/rakshita.jpg?itok=FZugce8b
Bobble AI on-boards Dr Rakshita Shharma as VP Human Capital

MUMBAI: Bobble AI, a leading tech startup, that is empowering the Next Billion Indians by making their communication personalized, expressive and smarter, welcomes Dr Rakshita Shharma on board as their Vice President, Human Capital. This move comes as a part of Bobble AI's efforts to continue to...

MAM Marketing MAM
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/23/sonymax.jpg?itok=z8a6pNP3
Sony MAX kicks off celebrations for landmark 20 years of entertaining movie lovers

Sony MAX, India’s leading premiere Hindi movie channel from Sony Pictures Networks India (SPN), has created a benchmark by becoming the only channel across genres, to sustain a long-standing leadership stint for 148 weeks in a row.

MAM Media and Advertising Ad Campaigns
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/23/kpop.jpg?itok=yKhea5fy
K-POP Finally in India to Thrill Millennials

MUMBAI: One Take Media Co. (OTMC) is happy to announce their new content offering - K POP. They have more than 700+ songs in its library and approx. 60 episodes of K POP Music series. And OTMC is keen to expand their library even further

MAM Marketing MAM
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/07/23/lavin.jpg?itok=tr-uNf9b
Chimp&z Inc retains the spartan poker’s digital mandate third year in a row

MUMBAI: Chimp&z Worldwide LLP announces its retainer hat-trick by one of the leading online poker gaming portals in India, SpartanPoker.Com! As per the new mandate, the Mumbai office of Chimp&z Inc will continue their digital and content duties for the brand and will also be working on the...

MAM Marketing MAM

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories