Portal: Economic Times
Headline: Foreign banks fare better in customer satisfaction: ICSI study
Date: 01 April 2016
Edition: Print & Online
Standard Chartered and Citibank have outperformed their Indian public and private sector peers in customer satisfaction, a study conducted by the Indian Customer Satisfaction Index (ICSI) has found.
HSBC tops the list of 12 large Indian banks with a customer satisfaction score of 76, with Standard Chartered and Citibank close on its heels at 74 and 73 respectively.
Kotak Mahindra (71), ranked fourth, leads Indian banks, followed by ICICI Bank (70), Bank of Baroda (68), Axis Bank (68) and HDFC Bank (68).
Interestingly, the country's largest bank State Bank of India (SBI) brings up the rear with a score of 62.
The survey, carried out in 2015-2016 by Delhi-based firm Hexagon Consulting and the US-based American Customer Satisfaction Index (ACSI), polled close to 7,000 customers of these 12 banks across the country.
"The range of scores is quite wide. While some banks have a much higher score, others have fared poorly," said Bawa Grover, managing partner, Hexagon Consulting.
Moreover, the Indian banking industry also lags its global peers in developed and emerging economies when it comes to customer satisfaction. The average customer satisfaction score of Indian banks is 69, which is much lower than that of its counterparts in Colombia (80), the US (76), the UK (76), South Africa (76) and South Korea (74).