MAM

Kantar releases CX+ India Retail Banking Report 2019

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2019/07/12/kantar.jpg?itok=-wR8GApz

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

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/29/neel_pandya.jpg?itok=X28hNgVy
Neel Pandya joins Pyxis One as CEO, APAC

Mumbai: Pyxis One, a start-up providing AI infrastructure for marketing, appointed Neel Pandya as the new CEO of its APAC business. Pandya succeeds Shubham Mishra, who will now take on the role of global CEO. In his new role, Pandya will take over the APAC business to strategise and expand...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/29/pitchfork.jpg?itok=HC0TVjmi
Pitchfork Partners bags PR mandate for Songfest India

Mumbai: Content agency Songfest India has appointed Pitchfork Partners Strategic Consulting as its communication counsel. Pitchfork will amplify and communicate the vision and the messaging of Songfest India through the media and bolster its reputation as a company known for creating out-of-the-box...

MAM Media and Advertising Account
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/28/photogrid_plus_1627463162142.jpg?itok=3B1yzuCd
Uber elevates Ameya Velankar to head of marketing, India & South Asia

Mumbai: Uber has promoted Ameya Velankar as head of marketing, for India and South Asia region. He was previously the head - product marketing at the company. Velankar will be working closely with the India & SA leadership team to consolidate Uber’s growing presence in these strategic markets...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/28/anandd.jpg?itok=g80VF8W7
Anand Murty joins DDB Mudra as strategy head

Mumbai: DDB Mudra on Wednesday appointed Anand Murty to steer the strategy function for its offices across Mumbai, Bengaluru, and Gurugram. Anand will report to DDB Mudra Group's national strategy head, Amit Kekre.

MAM Media and Advertising People
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/28/photogrid_plus_1627458994971.jpg?itok=6FcBlarj
Otipy appoints Pranit Arora as SVP - growth and marketing

Mumbai: Online food business company Otipy on Wednesday announced the appointment of Pranit Arora as senior vice president - growth and marketing. In his new role, Arora will be responsible for rapidly growing the network of community leaders, consumers and strengthening Otipy's growth/marketing...

MAM Media and Advertising People
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/28/photogrid_plus_1627457728082.jpg?itok=E5peCXE7
Yellophant Digital bags digital mandate for mySmilist

Mumbai: Yellophant Digital, an alliance of Merge Infinity Global, bagged the digital marketing mandate for the dental experts brand, mySmilist, following a multi-agency pitch.  The agency will manage the brand's digital marketing duties, consisting of creative and content solutions, social media...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/28/photogrid_plus_1627457416645.jpg?itok=Dh3LREET
Goldmedal Electricals targets Kerala with new campaign featuring Mohanlal

Mumbai:Homegrown electrical company, Goldmedal Electricals has released a fresh ad campaign featuring its newly appointed brand ambassador Malayalam superstar Mohanlal.  Conceptualised by TVC factory, the three-part campaign titled #SwitchToTheAmazing also features actress Honey Rose and showcases...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/28/photogrid_plus_1627454132454.jpg?itok=C_KIqms4
KFC unveils its Double Down Burger in latest ad

Mumbai: KFC India has rolled out a fresh campaign to launch its new product offering - Double Down Burger. Conceptualised by Ogilvy & Mather, the ad features popular actors Ratna Pathak Shah and Seema Pahwa displaying their unabashed love for chicken. ‘Jo Chicken Ke Liye Hai Badtameez, Unke...

MAM Marketing MAM
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2021/07/28/photogrid_plus_1627452149830.jpg?itok=a9YdkfG0
Nitesh Bansal takes charge as HTC Global Services new president & COO

Mumbai: IT major HTC Global Services on Wednesday announced the appointment of Nitesh Bansal as president and chief operating officer, effective immediately. He was previously associated with Infosys as senior vice president. Bansal will be responsible for global sales, marketing, delivery, and...

MAM Media and Advertising People

Sign up for our Newsletter

subscribe for latest stories

* indicates required