Indian Banking sector has come a long way in past decade or so – Gone are the days when you have to run to the physical Bank branch for every small thing. I clearly remember the days when “Going to Bank” was a routine & frustrating experience for all of us (I am sure many of you remember the long queues in front of teller window). Not that we don’t visit banks at all today, but 90% of our banking work now-a-days is done through internet, ATM’s or through mobile phones.
Earlier Banks never had something called as customer service department – At most you had a single individual sitting in a bank’s corner with long queue of people waiting for their issues to get resolved. But now, not only do banks have 24X7 call centers, but also proactively get in touch with their customers to resolve their issue.
Additionally, with the advent of Mobile Banking, consumers are now literally carrying their bank on mobile phones! Some banks are going even further and using creative ways to reach to consumers!
Having said that, some banks have been slow in adopting technology while others have embraced it and have made life simpler for consumers.
So, which are these banks who have risen above the others in making consumers feel more welcome ? A first every study conducted by Outlook Money & TNS gives you insight on which Indian Banks have been most consumer friendly based on 17 different parameters. Out of all the Indian Banks, 15 were found to be eligible for this study.
Top Most Consumer Friendly Banks in India
The most consumer friendly bank in India is Corporation Bank, followed by Axis Bank and Central Bank of India. I was little surprised when I saw Corporation Bank ranked at the top – I was betting on HDFC Bank to be the most consumer friendly (I have been their customer for past 15 years), but it ranked a respectable 4th.
Surprisingly, ICICI Bank, one of India’s largest bank by turnover, did not even make it to shortlisted 15 banks. There are no details on the shortlisting parameters so I cannot really comment. I find it quite odd that ICICI Bank would fare poorly thank some of these top 15 banks in India.
Ranking on Individual Parameters
- Disclosure about charges and interest rates – Corporation Bank
- Pro-active communication about new products/services – Corporation Bank
- Trustworthiness – HDFC Bank
- Complaint Resolution – Central Bank of India
- Wide ATM coverage – HDFC Bank
- Professionalism of the company –
- Convenient banking hours – Corporation Bank
- Well-trained staff – Bank of Baroda
- Courteous and friendly staff – Corporation Bank
- Faster service at branches – Corporation Bank
- Knowing the customer and their needs – Corporation Bank
- Good Internet banking – Axis Bank
- Efficient processes – Bank of Baroda
- Effective communication on developments – Axis Bank
- Innovative company – Union Bank of India
- Good phone banking – Axis Bank
- Hard-selling products that customers do not want – Corporation Bank
If your bank is one of the top 5 banks in India, you should be quite happy – Your money is in safe hands and your bank values you !