HSBC tops on consumers satisfaction index
04 April, New Delhi
HSBC led the pack of 12 leading banks in India on consumer satisfaction index as per a report released today.
The research used ACSI methodology to measure customer satisfaction and related consumer perceptions of the industry, covering twelve of the largest banks in India.ICSI analysed actual customer feedback that was sampled and collected over the last months of financial year, 2015-16.
The study measured customer’s cumulative satisfaction and has taken into consideration variables such as customer expectation, perceived quality and value, Customer Complaints and Loyalty along with the type of Bank accounts, procedures followed in the bank, policies, website, competitiveness of interest rates, variety of financial services etc.
The nationwide research, conducted on 12 largest banks of India 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, PNB, SBI and Standard Chartered Bank.
“We are pleased to present the first-of-its-kind research based customer satisfaction industry benchmarking study report in India” said Bawa Grover (Head of ICSI, India) in a statement.
This research study and report provides great insights on level of customer happiness with India’s retail banking sector, positioning our country at an indexed score of 69, well below the same industry in countries such as United States, United Kingdom, South Africa and Singapore- indicating opportunities for the Indian banking sector to improve its service standards and levels delivered on the ground,” he added.
The American Customer Satisfaction Index, ACSI is the only national cross- industry measure of customer satisfaction in the United States, which is used in over a dozen countries.
Besides providing banks with an objective independent measurement and diagnostics will benefit consumers/ users of products and services by assisting them to benchmark different organisations on what really matters i.e. customer satisfaction being delivered”ACSI methodology efficiently uses standard econometric modelling on survey data, to deduce indexed scores for individual companies along with details of impact of different variables on overall Customer Satisfaction.