• ICICI and HDFC showed significant developments in product and channel categories
  • Paytm is most recommended digital-only bank in India for convenient and fast transactions
  • Axis Bank is most helpful financial institution for reducing living costs

Customers chose ICICI and Paytm Payments Bank as the Most Recommended Financial Institutions in India in the 2023 BankQuality™ Survey for offering good customer service, convenient transactions and competitive product offerings.

The BankQuality™ Consumer Survey and Rankings is a digital consumer feedback channel developed by The Asian Banker. It surveys 1,000 online customers across India to understand their engagement, experience, and satisfaction with retail financial services institutions based on their experience with service, channels and products, and support in managing living costs.

ICICI and HDFC showed significant developments in product and channel categories

In BankQuality Scores (BQS), ICICI scored 69% BQS, followed by HDFC Bank with 67%, and both topped the multiple products categories. Consumers preferred ICICI for its time deposit, home loan, and non-life insurance, and HDFC for its local and international transfers, and wealth advisory.

Axis Bank ranked first for current and savings accounts, and personal loan services while consumers chose Bank of India for its credit cards and life insurance products. Among the finalists in the product categories were Paytm for its digital wallet, and Punjab National Bank for its investment product.

For channel categories, consumers voted for leading banks for diversity: State Bank of India for chatbot services; ICICI for mobile banking; and Canara Bank for internet banking. Consumers saw significant progress in branch banking offered by Bank of India, phone banking at HDFC Bank, and relationship management services at Axis Bank.

Paytm is most recommended digital-only bank in India for convenient and fast transactions

Paytm with 64% BQS topped the most recommended digital-only bank in India for providing convenient and fast transactions on its mobile app. Paytm has 11.5 million active mobile banking users and over 333 million e-wallet users globally.  It posted 61% year-on-year revenue growth in 2022. Airtel Payments Bank was second, with 9% BQS.

Axis Bank is most helpful financial institution for reducing living costs

Axis Bank, one of the first new generation private banks, was voted the Most Helpful Main Retail Financial Institution for reducing the cost of living, a category in which financial institutions are scored based on how helpful they are in providing extra savings. Banks were graded based on how they remind customers of upcoming charges such as bills, overdrafts, outstanding balances and below-minimum balances on deposit accounts.

About BankQuality™ Survey methodology for India

The BankQuality™ Survey was conducted from January to February 2023 in India, with 1,000 participating respondents nationwide. To determine the BankQuality Score, (BQS) we derive the response set from a scale of 0 to 1. In calculating the scores for products and channels category, we used the weighted BQS from the values garnered by financial institutions in both primary and secondary bank classification and then weighted the average score based on total surveyed votes in the primary and secondary categories.

Members of TABInsights can now access the comprehensive India report, that includes a detailed breakdown of BQS scores for various institutions, products, and channels. Please click here to access the report.