Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,921.50-96.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

Despite demonetisation, SBI has soared in the rankings. Here's the secret?

SBI, the only Indian bank to feature in the Global Fortune 500 Companies, is also a brand with a 210-year old legacy.

, ET Bureau|
Feb 01, 2017, 05.14 AM IST
0Comments
SBI, the only Indian bank to feature in the Global Fortune 500 Companies, is also a brand with a 210-year old legacy.
SBI, the only Indian bank to feature in the Global Fortune 500 Companies, is also a brand with a 210-year old legacy.
While the wave of demonetisation has strained relations between banks and their customers, it doesn't seem to have shattered consumers' trust in some. Far from it, in fact, if SBI's rise in Most Trusted Brands leaderboard is anything to go by. SBI, the only Indian bank to feature in the Global Fortune 500 Companies, is also a brand with a 210 year old legacy and one of just three banks to appear in the Top 100 of India's Most Trusted Brands 2016. The others are Bank of India at No 74 and ICICI Bank at No 93. However, all three institutions have risen in the ranking by leaps.

SBI's chief marketing officer, Dinesh Menon is not oblivious to the challenges facing a banking world that must move beyond cash and into the digital realm while waiting for infrastructure to catch up. But, he says, "The acid test of consumer's trust in a brand is how much the consumer is willing to forgive/overlook a brand's failings if/when it happens." He believes one of the reasons why SBI has maintained its position as one India's Most Trusted banks is because, despite being a 'vintage' brand, SBI has transformed into a "contemporary bank with perhaps the widest possible suite of digital products and services that caters to a varied cross section of India's demography."

While technology has made life easier, it could also prove to be the bane of a brand's existence. Consumers now expect a certain degree of digital competency. Although trust in the BFSI sector still continues to be about security and growth of money, says Menon, "with technological disruption it has expanded to service quality (ease of use/convenience). Shortcomings on these vectors can erode trust."

2017 will be an interesting year for bank brands which are juggling tougher ground realities and higher customer expectations. For SBI the question is: can the oldest contemporary bank in the country maintain its position as India's Most Trusted Bank brand?
Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service