RFi Group - India Priority & Retail Banking Council

H2 2019 India Priority & Retail Banking CouncilMarket Report

For questions and enquiries, please contact:Andrew Kim, Client Services Director – Asia, [email protected]

Analyst: Arshad Mawla, Research Analyst – Asia

Presented by: RFi Group

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www.rfigroup.com Copyright Retail Finance Intelligence Pty Limited Commercial in Confidence

R F i G R O U P - I N D I A P R I O R I T Y & R E T A I L B A N K I N G C O U N C I L

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Our Purpose

“TO ANSWER THE

DIFFICULT QUESTIONS”


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Understanding and Knowledge of Financial Services

Data-based Actionable Insights

Global / Local The Customer is King


What make us different?



Low cost/ High value FastAll inclusive

subscriptionsEnterprise wide


The client value proposition



Our blue-chip client base…I N T R O D U C T I O N T O R F i G R O U P




Financial Councils – Global

Priority & Retail Banking Council

Payments & Innovation Council

Merchant Acquiring Council

Digital Banking Council

Commercial BankingCouncil

SME Banking Council

Youth Banking Open Banking/ PSD2 Council

Commercial Payments

B2B Payments Remittance




Our hybrid bespoke/ syndicated model – how RFiGroup partners with its clients…



M O N T H L Y M E E T I N G - N O V E M B E R 2 0 1 9

Insight DeliveryRFi’sgoal is to deliver data driven actionable insights to our clients in every interaction

To what extent did we provide valuable answers to your business priorities

To what extent did we provide you with actionable insights

Are you using the RFi Group research insights within your business

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Have your say here!




Financial Councils – Global

Priority & Retail Banking Council

Payments & Innovation Council

Merchant Acquiring Council

Digital Banking Council

Commercial BankingCouncil

SME Banking Council

Youth Banking Open Banking/ PSD2 Council

Commercial Payments

B2B Payments Remittance


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• Research Methodology

• Market report

• Consumer Sentiment• Main Bank• Affluent Priority Banking• Investment Products• Current Accounts• Time Deposits• Credit Cards• Home Loans• Personal Loans• Channels

Agenda

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Market Report• Consumer Sentiment

• Main Bank

• Affluent Priority Banking

• Investment Products

• CASAs

• Time Deposits

• Credit Cards

• Home Loans

• Personal Loans

• Channels

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Preview Slides

• Main Bank: Recommendation

• Main Bank: Switching Drivers

• Credit Cards: Drivers of Satisfaction

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R F i G R O U P – I N D I A P R I O R I T Y & R E T A I L B A N K I N G C O U N C I L H 2 2 0 1 9


• The data in this report is sourced from the H2 2019 India Priority & Retail Banking Council survey. The survey was in field from

October to December 2019. Trended data has been used where relevant and applicable. Data is sourced in the base notes.

• In total over 2,000 consumers were interviewed online.

• Basic quotas were applied to ensure that respondents are representative of India’s population by age, gender, region and

income. To qualify as ‘banked’ respondents must hold a minimum of one banking product with a financial institution in their

local market.

• Local market affluence criteria has been used in this report as follows:

• Mass Market: [Less than ₹500,000 in investible assets in India]

• Emerging Affluent: [₹500,000 to less than ₹4,000,000 in investible assets in India]

• Mass Affluent: [More than ₹4,000,000 in investible assets in India]

• Respondents form a nationally representative sample which is used to report the “Total”.

• When reporting on the affluent market the affluent boost is included.

• Where appropriate, significance testing at the 95% confidence level has been conducted. Significant differences have been

marked throughout the report. Results have a margin of error of ±2%.

• Slides marked with an institution’s logo in the title are proprietary to the institution

• Further data cuts are available on request.

Methodology

Nationally representative sample Affluent boost sample

Mass market Emerging affluentAffluent

Total Affluent

n=965 n=42 n=3 n=1,010 n=1,007

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R F i G R O U P - I N D I A P R I O R I T Y & R E T A I L B A N K I N G C O U N C I L H 2 2 0 1 9


11% 13% 18% 20% 14% 17% 21% 24% 19% 24% 22%18%

35%26%

85% 83% 80% 78% 80% 77% 75% 72% 74% 71% 72% 71%

57%66%

81 80 78 76 74 72 71 68 68 66 65 61 49 58

-500

-400

-300

-200

-100

0

100

0%

20%

40%

60%

80%

100%

120%

140%

Allahabad

Bank

Andhra Bank HDFC Bank BoI Citibank PNB Kotak Bank AXIS Bank Standard

Chartered

ICICI Bank SBI BoB Canara Bank Total

How likely are you to recommend your main bank?

Detractors Passives Promoters NPS

Main Bank: Recommendation

Base: Main bank customers

Allahabad Bank

Andhra Bank

HDFC Bank BoI Citibank PNB Kotak Bank AXIS BankStandard Chartered

ICICI Bank SBI BoB Canara Bank Total

H2 2019 54 30 366 51 35 71 52 238 31 196 612 66 49 1,010

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Main Bank: Switching Drivers

Why are you considering switching your main banking relationship?By main bank

Allahabad Bank

AXIS Bank BoB HDFC Bank ICICI Bank PNB SBI Total

I opened a deposit account with another institution and moved all of my accounts there

23% 21% 14% 20% 30% 23% 24% 21%

My personal circumstances have changed

26% 24% 20% 28% 22% 11% 23% 24%

My company moved my payroll account from this bank

33% 22% 37% 20% 23% 37% 28% 25%

I want access to better investment and wealth management products and services

26% 19% 20% 20% 23% 29% 20% 18%

Another institution has offered an incentive to move my banking there

14% 14% 29% 16% 22% 26% 16% 16%

I took out a loan product with another institution and moved all of my accounts there

9% 21% 17% 27% 23% 20% 22% 19%

It is inconvenient banking with my main bank

33% 20% 17% 23% 18% 40% 24% 17%

I am unhappy with my main bank 16% 11% 17% 19% 13% 14% 16% 14%

Base: Main bank customers

Allahabad Bank AXIS Bank BoB HDFC Bank ICICI Bank PNB SBI Total

H2 2019 43 147 35 228 83 35 353 496

Note: Tests for significance were carried out on this question █ - Significantly higher than other banks █ - Significantly lower than other banks.

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Base: Credit Card Holders (H2 2019: n=407)Note: Respondents who selected “This is not applicable” or “I don’t know what this feature is” were excluded from the analysis

Credit Cards: Drivers of Satisfaction

Maintain Leverage

Lower priorities Immediate priorities

KEY

1 The interest rate on purchases

2 The annual fee

3 The credit limit

4 Ease of making card repayments

5 Card design

6 24/ 7 phone and internet access for enquiries

7Provides contactless card capabilities (payWave/ PayPass) so I don't need to use my PIN or signature

8 Brand image

9 The instalment loan rate

10 The flight mileage program

11 The rewards point program

12 The cashback program

13 Priority tickets for theatre/ sports events, etc.

14 The dining discounts

15 Shopping/ retail discounts

16 Complimentary insurance

17 Access to airline lounges at airports

18 Rewards redemptions

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Sa

tisf

act

ion

wit

h a

ttri

bu

tes

(Me

an

sco

re o

ut

of

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)

Correlation with overall satisfaction

Satisfaction with credit card attributes and key drivers of overall satisfaction

Credit Card Holders


Intelligence to bank on


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