Press Release for Customer Satisfaction Scores of Indian Banking Industry
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+91 124 4100779/80
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
Gurgaon, 8th April, 2016: Indian Customer Satisfaction Index (ICSI) today, 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
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 (ACSI, www.theacsi.org).
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.
Press Release for ICSI
For more information contact,
+91 124 4100779/80
Launch of India’s Customer Satisfaction Index : Indian Customer Satisfaction Index (ICSI)
Hexagon Consulting in partnership with American Customer satisfaction Index (ACSI), is delighted to announce the launch of transformational Indexed measure for India : India’s very own customer satisfaction Index, which will introduce an independent & objective measure for relatively ranking organisations across sectors – on what really matters to consumers i.e.. customer satisfaction.
Such measures and perceived customer satisfaction based indexed ranking exist in most mature markets – specifically 22 other major countries like US, UK, Singapore, Malaysia etc. – but in India such an index is the first of its kind and is thus a major development.
The customer satisfaction index will measure and rank organisations on the basis of customer satisfaction feedback completed through surveys and analysis done 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 (ACSI) which operates a similar index in the US and also has licensed the same in many countries around the world.
The index is being launched in India under the copyrighted brand - Indian Customer Satisfaction Index (ICSI) and more details on ACSI and Hexagon Consulting are available on the ICSI website (www.icsi.org.in )
For gauging end customer satisfaction based indexed ranking, Hexagon Consulting will use evolved statistical algorithms, software and survey methodologies perfected over the last 2-3 decades by its partner - ACSI. This methodology is proprietary to ACSI, and Hexagon Consulting will leverage the same, while drawing upon analytical and customer satisfaction management skills of its customer satisfaction consultancy practice area.
The Indexing will be done based on the survey data collected at the individual customer level to generate insights across the entire spectrum of customer experience, for the largest organisations in each sector covered. The survey data thus collected will be statistically analysed to produce customer satisfaction indexed benchmarks, for the major companies and organisations in India that provide goods and services to Indian consumers.
Thus, Indian consumers will get to know which organisations are better in providing a superior customer experience relative to their peers- as ranked by end customer perception & feedback. Similarly organisations will also be in a position to know how they rank vis-à-vis their peers (also based on perceived end customer satisfaction).
Hexagon Consulting in partnership with ACSI has decided to start by covering the Indian Banking sector. Eventually, the Indian customer satisfaction index will cover most sectors (across manufacturing and services) that together represent a broad swath of the national economy. Thus the Indian Customer Satisfaction Index (ICSI) is expected to evolve and eventually become a composite index of customer satisfaction of India – and will help us all in our country benchmark and improve on customer satisfaction – an area which continues to generate wide debate and discussion in our society and amongst industry.
Dr Forrest Morgeson III, Director Research of American Customer Satisfaction Index based at Ann Arbour, Michigan US currently visiting India is pleased to join Mr Bawa Grover, Managing partner of Hexagon consulting to announce this exciting development and launch.
“We are pleased to add India to the global map of ACSI and are delighted that thanks to our partnership with Hexagon Consulting we are in a position to roll out of the India CSI index. India will be the country to introduce this important index and will join the ranks of mature economies – where such an index is tracked very closely not just by end consumers, but by the smartest organisations aspiring for leadership and also by equity markets and analysts”.
- Dr Forrest Morgeson III, Director Research, ACSI. US
“We are delighted to have joined hands with ACSI to launch this important index in India. We are confident, this will be a major contribution to supporting the transformation of India, as India grows and matures into a developed economy. We are looking forward to releasing the Banking sector CSI scores over the next few months and expanding the coverage of the ICSI to most other industry sectors over the next few years.
The ICSI will not just be transformational for the Indian eco-system as it matures on the global platform; it will significantly benefit industry, equity markets, society & consumers at large in India”
- Bawa Grover, Managing Partner, Hexagon Consulting. India