SBI, HDFC and ICICI Bank are the most considered finance brands by urban Indians
YouGov Banks and Payment System Consideration Rankings 2022 highlight the top ten brands among urban Indians across key categories in the Finance sector.
The brands in the 2022 Rankings were ranked based on their Consideration score, which asks people, “When you are in the market next to make a purchase, which brands would you consider?” Brands were measured between 1st October 2021 and 30th September 2022.
India’s largest state-owned bank SBI, which has a legacy of over 200 years is the top ranked brand in India, with a Consideration score of +32.7.
HDFC and ICICI Bank, follow in the second (23.3) and third (19.6) place, along with other private sector banks such as Axis Bank in fifth (14.4) and Kotak Mahindra Bank in seventh (12.9).
Global payments and technology companies Visa and MasterCard appear in fourth (16.0) and sixth (14.0), respectively. Also present in the list is non-banking financial services company Bajaj Finserv, in eighth (12.2).
Along with SBI, other leading PSUs to feature in the list are the Bank of Baroda (10.9) and Punjab National Bank (10.2).
The rankings also feature the top five brands that have made the largest uplift to their brand Consideration scores over the past year. Central Bank of India has been most successful in strengthening its position among urban Indians, with a +1.4 points increase to its Consideration score in the last year.
Bank of Baroda is the second-best improver, with a change in score of +1.3.
Bank of India (change in score of +1.3), Punjab National Bank (+1.0) and YES Bank (+0.8) are other improvers of 2022.
Methodology:
The data included in the YouGov Bank and Payment Systems Consideration Rankings report 2022 has been drawn from YouGov BrandIndex. For the brand ranking, brands were ranked based on their ‘consideration’ score. In this metric people are asked, “when you are in the market next to make a purchase, which brands would you consider?” Brands were ranked by this consideration score between October 1, 2021, and September 30, 2022. To determine the biggest improvers, brands were sorted by change in score between that time and the previous twelve months. All scores listed have been rounded to a single decimal place; however, we have used additional precision to assign ranks. All brands must have been tracked for at least six months to be included in either ranking.