ICSI unveils the Customer Satisfaction Industry Benchmarking Report; Highlighting the Score of Indian Banking Industry at 69

·         This first-of-its-kind report used ACSI methodology to measure end customer satisfaction

·         The research was conducted over 12 largest Indian banks, across the country

Indian Customer Satisfaction Index (ICSI), unveiled the first-of-its-kind Customer Satisfaction Industry Benchmarking Report, highlighting the score of Indian Banking Industry at 69. The report used ACSI methodology to successfully measure customer satisfaction and related consumer perceptions within twelve of the largest commercial banks in India.

ICSI analysed customer data that was collected in the last months of financial year, 2015 and early 2016. It measured customer’s cumulative satisfaction based on their anticipation of the quality of goods and services.  The nationwide research, conducted on 12 commercial banks across length and breadth of India included Axis Bank, Bank of Baroda, Bank of India (BOI), Canara Bank, Citibank, HDFC, HSBC, ICICI, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Standard Chartered Bank.

Bank Names                                                       Customer Satisfaction Scores

Axis Bank                                                                              68                      

Bank of Baroda                                                                     68

Bank of India                                                                         65

Canara Bank                                                                         66

Citibank                                                                                 73

HDFC Bank                                                                           68

HSBC Bank                                                                           76

ICICI Bank                                                                             70

Kotak Mahindra Bank                                                            71

Punjab National Bank                                                            67

Standard Chartered Bank                                                      74

State Bank of India                                                                 62

“We are pleased to present the first-of-its-kind Customer Satisfaction Industry Benchmarking Report in India” said (Bawa Gover , Managing Partner- Hexagon Consulting). This profound report provided great insights on customer happiness within India’s commercial banking sector, positioning our country at 69, well below the same industry in countries such as United States, United Kingdom, South Africa and Singapore”. He further added “This unique measurement framework will empower organisations to benchmark all aspects of customer experience with industry peers. Alongside, it will benefit consumers/ end users of products and services by assisting them to benchmark different organisations.”

The American customer satisfaction Index, ACSI is the only national cross- industry measure of customer satisfaction in the United States. Its methodology efficiently uses econometric modelling to deduce scores for individual companies along with details of impact of different variables on overall Customer Satisfaction.

Dr Forrest Morgeson III, Director Research of American Customer Satisfaction Index based at Ann Arbour, Michigan looks forward to the launch of Benchmarking scores for Banks in India.  “We are pleased to launch the Indian Customer Satisfaction Index (ICSI) benchmarking Scores for banks in India. Customer feedback for Indian banks had been collected at pan India level and the overall Banking Scores for Indian Banks prove that in India the best of the banks can be competitive cross-nationally.”

 Indian Customer Satisfaction Index (ICSI) will help organisations in India to improve thus enhancing the Customer/Citizen Satisfaction. This important Customer Satisfaction benchmarking index will help India to join the ranks of other countries to mature and improve through citizen satisfaction.                                                                                

About Indian Customer Satisfaction Index (ICSI:

The Indian customer satisfaction index(ICSI, www.icsi.org.in) is being introduced and launched by Hexagon Consulting, a Gurgaon (New Delhi, NCR) based management consulting firm in partnership with the globally respected US based organisation American Customer Satisfaction Index (ACSIwww.theacsi.org).

The index is being launched in India under the copyrighted brand - Indian Customer Satisfaction Index (ICSI) by American Customer satisfaction Index (ACSI) and Hexagon Consulting.

The customer satisfaction index will benchmark organisations on the basis of customer satisfaction feedback completed through surveys and analysis done by Hexagon Consulting and American Customer Satisfaction Index (ICSI) which operates a similar index in the US and also has licensed the same in many countries around the world.