Navonil Chatterjee
May 09, 2017

BAV: Who do you bank on?

In an exclusive arrangement with Rediffusion Y&R we present findings from the latest BAV study. This is the second part of a three part series.

BAV: Who do you bank on?
Rediffusion Y&R’s brand asset valuator (BAV) measured brands across 48 imagery attributes. According to the agency, this helps in knowing not just how strong a particular brand is at an overall level, but also how it is perceived across these imagery attributes.
 
 

One of the key imagery parameters is 'Trustworthy'. While it is a parameter that is important for every brand across all categories, it is critical when it comes to banks. In the year of demonetisation, when people had to endure the worst of banking, we thought it appropriate to run the BAV data to throw up the 'Top 20 Most Trusted Bank Brands' as per BAV 2017:

Rank

Most Trusted Bank

1

SBI

2

HDFC Bank

3

 Bank of India

4

Bank of Baroda

5

Canara Bank

6

Indian Overseas Bank

7

ICICI Bank

8

Axis Bank

9

IDBI Bank

10

Union Bank of India

11

Citibank

12

Punjab National Bank

13

Syndicate Bank

14

Federal Bank

15

Oriental Bank of Commerce

16

Allahabad Bank

17

Bank of Maharashtra

18

Kotak Mahindra Bank

19

Yes Bank

20

HSBC

 
State Bank of India leads the way when it comes to trustworthiness, improving on its second spot from 2013. It is followed by HDFC Bank in second place, which has gained four places from its sixth ranking in 2013. 
 
The huge number of public sector banks in the top 20 list reflects the mindset of the Indian customer who still thinks of the government banks to be more safe and reliable. The biggest gainer has been Bank of Baroda, which has jumped 10 places from 14th in 2013 to number four, while the biggest loser on trust has been Punjab National Bank, which has dropped eight places from fourth to 12th. ICICI Bank has gained significantly on trustworthiness, jumping to seventh position from 15th in 2013. HSBC has maintained its position as 20th, while Standard Chartered Bank which was ranked 17th in 2013, has crashed out of the top 20 list.
 
(Navonil Chatterjee is the chief strategy officer at Rediffusion Y&R India. The Brand Asset Valuator (BAV) India 2017 study was conducted across 16 centres and tracked the opinions of 10,529 respondents in the age group of 18-65 years, spanning across SEC A, B and C.)
 
Also read:
 
Source:
Campaign India

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