16 | Business | MONDAY,MARCH 29, 2010 India’S Best User’S Choice Banks HT-Marsconsumer SATISFACTION SURVEY
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HINDUSTANTIMES, MUMBAI 16 | business | MONDAY,MARCH 29, 2010 India’s best user’s choice banks HT-MaRSCONSUMER SATISFACTION SURVEY COMPETITIVE PERSPECTIVE Here’s what consumers like, and don’t like, about banks. OVERALL EXPERIENCE WITH BANK STAFF Score Axis Bank 761 ICICI Bank 750 Satisfaction HDFCBank 750 CanaraBank 742 IOB 733 SBI 733 Union Bank 731 Indian Bank 731 Syndicate Bank 728 UCO Bank 728 PNB 727 Central Bank 721 Bank of Baroda 720 Corpn Bank 717 vault Bank of India 716 OBC 715 Dena Bank 715 Allahabad Bank 713 POSITIVE NOTE Axis Bank edges past Vijaya Bank 701 United Bank 692 HDFCBank andICICI Bank to the top OVERALL BRANCH FACILITIES spot. Andyes,state-owned banksare Axis Bank 751 ICICI Bank 746 HDFCBank 746 rightuptherewith the best. CanaraBank 738 Indian Bank 736 PNB 732 SBI 730 Syndicate Bank 726 UCO Bank 726 Union Bank 721 Central Bank 719 Bank of Baroda 715 Bank of India 714 IOB 711 Corpn Bank 707 Allahabad Bank 705 Vijaya Bank 703 Dena Bank 700 OBC 698 United Bank 695 ACCOUNT OPENING PROCESS ILLUSTRATION: ABHIMANYU SINHA Vijaya Bank 776 Axis Bank 771 Arnab Mitra INDIA’S BEST BANKS HDFCBank 761 ■ [email protected] Public sector banks have beaten their privatesector THE SECOND WAVE Indian Bank 751 inally,the darkhorse ranaway counterparts in most cities. If Thereisn’t really much to choose between the top SBI 749 with the prize. 6-7 banks. With slight improvements in service OF CONSUMER ICICI Bank 746 Axis Bank, which many only theycan raise their minimum Union Bank 741 people hadwritten off afew standards,theywill giveprivate standards, anyofthem can edge ahead of the pack. PNB yearsago,has been rated BANKING IS HERE 738 India’s best bank, aheadof banks arun fortheir money. OBC 734 733 morefamous and in-the-news RAGHU ROY, MD,MaRs Bank Score Tamal Bandyopadhyay Central Bank rivals likeHDFCBank and ■ [email protected] IOB 733 ICICI Bank. AXIS BANK 747 Allahabad Bank 726 F The first Hindustan scoreof780.But consumersin CICI Bank, India’s largest private United Bank 722 Times—MaRS Consumer Bhubaneswar arethe most satisfied HDFCBank 742 sector lender,has recently with- Satisfaction Survey on Banking,which overall. Orissa’s capital has the high- drawnits free lifetime credit card Corpn Bank 714 I CanaraBank 713 covered9,486 respondents across 18 est indexscore of 812. ICICI Bank 740 scheme,signaling anew phase in Indian cities, threw up this and sever- Chandigarh, Ludhiana and Delhi are consumerbankinginthe world’ssec- Bank of Baroda 706 al other interesting findings. The sur- other cities with highlevels of satis- ond-fastest growing economy. Indian Bank 738 Bank of India 692 vey did not coverforeign banks. faction. This speaks as much of these Till the collapse of US investment 686 Though no public sector bank has cities as of the banks rated. One rea- Indian bank Lehman BrothersinSeptember Dena Bank ranked among the three best banks son could be thatnorth Indians are Overseas Bank 733 2008, salaried people in the metros had Syndicate Bank 682 overall, consumersin14cities ranked moredemanding customersthan oth- State Bank as manycredit cards in their wallets UCO Bank 671 various state-owned banks as the best. ersand much morevocal about voic- of India 733 as theywantedand did not need to pay Indian Bank emergedthe top-ranked ing their opinions. This mayhaveforced anyfees formost of them. public sector bank, with an overall rank banks to provide better services. CanaraBank 733 ICICI Bank joined the game in 2005 of fourth. State Bank of India, the 800- It is also,perhaps, no coincidence and soon overtook Citibank, the then TURNAROUND TIME AT BANKS Punjab pound gorilla in the banking sector, thatKolkata, Hyderabadand marketleader.But the aggression took Indian Bank 745 National Bank 728 wasastep behind, sharing the joint Ahmedabadappear to be cities with its toll. As consumerslost jobs and faced UCO Bank 734 fifth place with Indian Overseas Bank. much lowersatisfaction levels. Union Bank of salary cuts, payment defaults pushed 726 HDFCBank 734 Says Raghu Roy,managing direc- ConsumersinPatna, which has an India up the industry’sstressed assets. tor,MaRS, HT’s knowledgepartner indexscore of 617, however, arethe As interest rates dropped and the CanaraBank 731 forthis survey:“Privatebanks have least satisfied. UCO Bank 726 financial system wasawash with liq- ICICI Bank 728 done well. But as youcan see,theyare The survey also indicates thatthe Central Bank 722 uidityearly this century,banks sold IOB 724 not the No. 1inmost places. Overall, qualityofserviceatpublic sector banks of India mortgages, auto and personal loans, SBI 716 theyscore forbeing consistent. Clearly, vary widely from citytocity, while their throwing due diligencetothe wind. theymaintain aminimum standard privatesector rivals largely gave cus- Bank of Baroda 715 With India Inc. finding other avenues Central Bank 712 PNB 710 and have alow dispersion indexoncus- tomersmuch morehomogenous qual- Syndicate Bank 715 to raise money, banks were saddled tomer satisfaction.” itystandards. with funds thattheyneeded to deploy. Union Bank 707 Urban Indians gave banks an aver- “The study shows thatpublic sec- Vijaya Bank 713 In amad scramble to win newcus- Bank of Baroda 707 ageindexscore of 727out of amaxi- tor banks can deliver on customer sat- tomers, therewere‘mis-selling’ and Bank of India 699 mum possible 1,000.Thoughitisdif- isfaction. Theyhavebeaten their pri- Allahabad Bank 709 ‘mis-pricing’. Sincecredentials of con- Syndicate Bank 699 ficult to interpret this figureinthe vatesector counterparts in most cities. Oriental Bank sumerswerenot alwayschecked, urban 694 absenceofany comparable previous If only theycan raise their minimum of Commerce 708 consumers startedoverstretching Allahabad Bank figure(this being the first survey), it standards, theywill giveprivatebanks themselves —buying cars, houses, hol- OBC 689 doesseemtoindicate thatcustomers arun fortheir money,”saysRoy. Bank of India 707 idays, white goods and shares —and Axis Bank 685 arefar from satisfied with the servic- Interestingly,thereare no private repaying in equated monthly install- Vijaya Bank 680 es provided by their bankers. banks among the top 10 in Lucknow. Corporation 702 ments. When the slowdownclaimed Bank 678 The survey showedthat38per cent, This, and the fact thatpublic sector jobs, theyjust stoppedrepaying. Corpn Bank or almost two-fifth, of consumerswould banks topped satisfaction levels in 14 Dena Bank 698 It wasatime bomb waiting to United Bank 676 happily changetheir bank. And yes, of the 18 cities, indicates thatlarge sec- explode.And the fuse went off when Dena Bank 672 theywould not recommend their bank tions of the middle class, eveninmet- United Bank 691 Lehman Brotherscollapsed. to friends and relatives. That’sastelling ros—but especially in the smaller of India While banks piled up badassets, acomment on satisfaction levels as cities —still prefer government-owned 9,486 respondents across 18 cities manynon-banking financecompanies ATMUSERS any. banks, despite their shabbyimage and were either forcedtoshut shop or go Among the largercities, Bangalore often indifferent servicestandards. slowoncustomer acquisition, and wait SBI 749 has the most satisfied bank customers, It also shows thatnoindividual bank forbuyers. HDFCBank 748 whogavebanks in the cityahighindex really commands customer loyalty Now, with the economybackonthe ICICI Bank 742 across the length and breadth of the rails, consumerlending has resumed, PNB 733 SURVEY SUMMARY country. but with caution.This also coincides Axis Bank 730 Thatshould giveprivatesector with afew newcredit information Indian Bank 724 ■ Axis Bank has been rated India’sbest banks some food forthought. bureaus —arepositoryofinformation bank,ahead of more famousand in- about the credit historyofborrowers. Bank of India 721 the-news rivals likeHDFCBank and Forthe retail consumer, thereisvir- United Bank 721 ICICI Bank. OTHER STORIES tually no credit rating system. CanaraBank 720 But thingswill changesoon. With the ■ Indian Bank emergedthe top-ranked PAGE 28 OBC 719 public sector bank. introduction of credit scores for AXIS BANK: TheAxis of excellence IOB 711 ■ Urban Indians gave banksarelatively customers, bankswill decideontheir HDFCBANK: HDFCBank builds on lowindexscoreof727 out of amaxi- creditworthiness. The newbureaus will Allahabad Bank 709 consistency mum possible 1,000. join Credit Information Bureau (India) UCO Bank 706 ICICI BANK: Thepioneer that created ■ Bangalorehas the most satisfied Ltd (Cibil), which has been operating Central Bank 700 and rode the retail boom since2004. bank customers, who gave banksinthe Vijaya Bank 700 city ahigh indexscoreof780. PAGE 29 The second wave of consumer bank- Bank of Baroda 698 ■ Patna, with an indexscoreof617,is INDIAN BANK: Backfromthe dead... ing will be awin-win situation forboth 697 the least satisfied city. and how consumers and banks. Worthy Corpn Bank ■ Thereare no private banksamong the customerswill be able to access cheap Union Bank 691 SBI BANK: Theelephant learns to credit and wiser with experience, top 10 in Lucknow. dance Dena Bank 689 banks will stop wooing the not-so-wor- 680 thyones. Syndicate Bank Graphics: SANJAY KAPOOR HINDUSTANTIMES, MUMBAI MONDAY,MARCH 29, 2010 | business | 17 India’s best banks User's Choice CITY-WISE RANKINGS INTERVIEW No bank is aclear leader across the MANJU SRIVATSA country.Individual cities seem to have their ownpreferences. The Axis of excellence ‘Customers DELHI Score recognise we PNB 801 TURNAROUND Axis Bank hasestablished its