SBI tops trust and popularity charts

Citibank has the most loyal customers in India, international brands have higher loyalty and trust levels than homegrown banks: Brand Finance

State Bank of India (SBI) is India’s most trusted and most popular bank according to a survey conducted by Brand Finance, a business valuation and strategic consultancy headquartered in London. On the trust charts, SBI is followed by HDFC Bank and Central Bank of India whereas on the popularity charts, ICICI Bank and HDFC Bank take the second and third spots respectively.

“Consumer loyalty stems from consistent focus on being customer centric. SBI has earned the trust of its customers by staying focused on developing most relevant products and services from time to time, by being transparent in our dealings with them and being easily accessible to them,” said Neeraj Vyas, deputy managing director and COO, SBI.

The survey conducted by Brand Finance ascertained customer behaviour towards banks on three big parameters: loyalty (how unlikely is a customer to switch banks), trust and popularity (the bank that customers said they were most likely to switch to). SBI ranked first with a trust level of 86.3 per cent. It was also the most popular bank among those customers that were looking to switch to competition (because they were unhappy with their present banks) with 21.4 per cent declaring they would choose SBI.

Citi Bank topped the list of banks with most loyal customers with almost half its customers saying they were unlikely to switch to another bank. “Citi is focused on providing our retail customers with global banking and wealth solutions, delivered digitally at a time and place of their