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  1. Indians bank heavily on financial services firms: Survey

Indians bank heavily on financial services firms: Survey

More than half the netizens in India are early adopters of technology and have highest loyalty...

By: | Mumbai | Published: November 6, 2014 9:52 AM

More than half the netizens in India are early adopters of technology and have highest loyalty towards financial services providers, says an online survey.

“Today’s Indians are highly engaged online, are early technology adopters and also willing to share information in exchange for benefits and offers,” said the survey by Aimia, a global leader in loyalty management.

The findings reveal that financial services providers enjoy the highest level of loyalty with 50 per cent of the respondents saying they are most devoted to this category.

“Indians trust financial services companies the most with their personal data,” said the survey based polls conducted among 2,849 people in India.

Aimia India Chief Operating Officer Vikas Choudhury said: “In this era of big data and competitive commerce, companies that win will drive real engagement by using consumer insights to continuously build trust and relevance. The customer will reward brands that are transparent, offer added value and build real relationships with them.”

Financial institutions are perceived as sending out the most relevant communications, with 44 per cent of the respondents rating credit cards and 41 per cent rating bank communications as very relevant.

Faith in financial services firms is also evident in loyalty card ownerships. Among them, banks scored the highest with 40 per cent of respondents saying they are member of a bank loyalty scheme.

The survey, which covered 24,335 respondents in 10 international markets – UK, Spain, Italy, Germany, France, US, Canada, Australia, West Asia and India (2,849), looked at trends in consumer loyalty, engagement with technology and attitudes towards data privacy.

Mobile networks (40 per cent) and technology brands (36 pc) came second and third respectively in loyalty stakes. Categories such as supermarkets and grocery were rated lower in loyalty and membership terms compared to other markets surveyed.

“Indians cite reputation as the main reason for remaining loyal to specific banks; being rewarded for loyalty as the main reason for remaining with credit cards; price as the main reason for remaining with supermarkets and airlines; and quality as the main reason for remaining with fuel retailers and hotels,” said the survey.

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