Just 29% of consumers believe banks offer customer-centric experiences: Kantar
Kantar team shares insights on CX+ India Retail Banking Report 2019 released on Thursday
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Data, insights and consulting company Kantar on Thursday launched a new research report: CX+ India Retail Banking Report 2019. The report explores the topic of bridging the gap between the brand and the consumer and creating experiences for the consumer. It is a sector-specific index that assesses banks based on a unique combination of their customer experience scores. HSBC ranks No.1 in the Top 10 CX+ Retail Banks in India.
According to the study, 91% of retail bank CEOs in India see the need to become customer-centric, and just 29% of consumers actually believe banks offer customer-centric experiences. exchange4media spoke to Susanne O'Gorman, Global Customer Experience Domain Lead; Barbara Cador, Global Head, CX+ Kantar; and Soumya Mohanty, Chief Client Officer, Insights Division; about the CX+ India Retail Banking Report 2019.
Edited excerpts below
Key highlights of the report
According to Mohanty, there are three key points. “Firstly, there are a multiplicity of customer segments. You have to craft your service delivery specific to the segment you are targeting, be it millenials or women. Secondly, customers want the power to choose. They want to be able to choose what customer journey they want to take. Lastly, they want to deal with a relationship manager, they want to feel valued and appreciated. Finally, they want banks to use their data. They are quite open with that but they want the banks to use their data to do good and craft personalised services for them. The biggest takeaway is that there is a gap between what the brand is promising and its delivery,” remarked Mohanty.
The similarities of the CX+ Retail Banking Report study done internationally and in India
O'Gorman shared that Kantar has done this study in over six markets around the world, including India. She added, “There are some similarities, the biggest one being a huge discrepancy between the mission of the CEO. Every CEO says that they ought to be customer-centric and then there is the reality on the other side. This is a result that we have found across all markets. The reality is just looking very different, and majority of the customers today are not so convinced that their banks are truly customer-centric.”
Cador pointed out that there is one important point that I think is very common to all the markets that are ‘millenials’. “Millenials really focus on enriching their lives with experience rather than accumulating stuff which is the old style of the previous generation. Accumulation was the holy grail and now we see the millennial customer completely deviating from that. That has a direct impact on how they consume and want to be serviced by their bank,” commented Cador.
The sector that is doing well in the ad space and in terms of customer experience
“When you think about sectors that are very successful in delivering a customer-centric experience, big platform companies like Amazon and Uber come to mind. These companies have been born out of consumer experience. Even a company like Starbucks doesn’t only sell coffee, they sell experiences as well. This disruptive thinking and entrepreneurial approach are what a lot of banks and FMCG companies should be adopting when they think about customer-centricity. You really need to turn around instead of trying to stretch the product into an experience. This is where we see the gaps. You really need to put the customer's experience at the centre,” Cador said.
In the financial service sector, women have a low level of representation when it comes to advertisements and customer satisfaction
Cador believes this connection with women has been really crystalised, especially in Cannes this year. “The fact that there are more men in advertising and they are deemed to be funnier, smarter and are over-represented is a massive issue. When it comes to financial services, women are unreserved, and this is a problem of financial literacy. Women have been taught to protect the earnings, try to stretch the budget and play offence. There is a huge role that banks can play to connect with women on that level when it comes to financial literacy. The added value banks can bring is giving them the self-esteem and knowledge they need. Indian women have said that when they interact with Fintech banking, 60% of them feel like they are losing control. So they are actually frustrated with the interaction with Fintech companies. It may have something to do with technology. You need some kind of technology awareness to do that”, commented Cador.
Spanish bank ING was chosen the best bank in terms of customer experience, recollects Cador. She shares, “ING is a digital bank. There is a massive tech interaction. They have been awarded the best bank in terms of women customer interaction. So it is feasible. You can overcome the functional relationship with technology and really bring in emotions.”
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E4M Our strategy is to target younger audiences through Sports: Rajiv Dubey, Dabur
The Head of Media at Dabur India spoke exclusively to exchange4media on the World Cup, associating with Indian Idol, the company’s digital spending and much more
With quirky campaigns, memes and moment marketing, timed with the ongoing World Cup and particularly the India-Pakistan matches, Dabur India has got considerable consumer attention for its popular brands – Red Paste, Cool King Hair Oil, Chyawanprash, Dabur Vita and the recently launched Bae Fresh Gel toothpaste.
The 140-year-old company is going big on key sporting events, World Television Premiere (WTP) movies and reality shows. It is now gearing up to become the title sponsor of popular talent show ‘Indian Idol’ on Sony TV for the first time, shared Rajiv Dubey, who leads the media strategy at Dabur.
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Swapan Seth's new book 'COOL' is out
The book is a reflection of the author's 'eclectic taste across categories'
Advertising professional and art collector Swapan Seth has announced the launch of his new book COOL. The book is described as "a ready reckoner to the hip and the happening, of the known and the very unknown."
The book is a reflection of the author's "eclectic taste across categories: from boltholes to exotic hideaways."
COOL has been published by Simon & Schuster India and is available on Amazon.
Seth is an ad veteran with a long and illustrious career in the industry. He became the youngest-ever Creative Director at Clarion at age 24. He was VP at 26 at Trikaya Grey. Two years later, he started his agency Equus.
He writes for publications such as The Economic Times, Hindustan Times and India Today. This is his second book and he has previously published THIS IS ALL I HAVE TO SAY.
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Disney Star signs 9 sponsors for Asia Cup PAK
Charged by Thums Up, Nerolac Paint+, Amazon Pay, Jindal Panther, My11Circle, MRF, Samsung Galaxy Z Flip5, Wild Stone and Thums Up come on board
e4m Staff Disney Star has signed nine broadcast and digital streaming sponsors for the upcoming Asia Cup.
Charged by Thums Up, Nerolac Paint+, Amazon Pay, Jindal Panther, My11Circle, MRF, Samsung Galaxy Z Flip5, Wild Stone and Thums Up have come on board for the upcoming tournament.
As reported earlier by exchange4media, Disney Star has sought Rs 26 crore for the co-presenting sponsorship on TV and Rs 30 crore for Disney+ Hotstar.
According to industry sources, the associate sponsorship on Star Sports has been priced at Rs 19.66 crore, whereas for the ‘powered by’ sponsorship on Disney+ Hotstar, the broadcaster is seeking Rs 18 crore.
As per the information available with exchange4media, Disney+ Hotstar has three sponsorship tiers-- co-presenting (Rs 30 crore), powered by (Rs 18 crore) and associate sponsorship (Rs 12 crore). The broadcaster is offering an estimated reach of 120-140 million for co-presenting sponsors, 90-100 million for powered by and 60-70 million for associate sponsorship.
A spot buy for 10 seconds has been priced at Rs 25 lakh for the India vs Pakistan matches, while for the non-India matches, the ad rate for 10 second is Rs 2.3 lakh. The India matches plus the final for ODIs has been priced at Rs 17 lakh per 10 seconds.
Asia Cup is scheduled to be held from 30 August, 2023, to September 17, 2023.
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Sorted 360 wins creative & social media mandate of Reliance Mall
The agency will manage offline and online campaigns for Reliance Mall
Sorted 360, an integrated creative and social media agency, has won the mandate to providing brand solutions for Reliance Malls across India.
“Sorted 360 is set to enhance Reliance Malls' market presence with their unparalleled creative prowess and strategic thinking,” read a press release.
“Sorted 360's commitment to pushing the boundaries of creative communication aligns perfectly with Reliance Malls' ethos. With a pan-India presence spanning across 19 cities and growing, Reliance Malls has consistently captivated customers by offering an array of Reliance brands and third-party fashion & lifestyle brands. The mall has established an unparalleled connection with its patrons through superior quality, a remarkable value proposition, and an unmatched shopping experience,” it read further.
"We are thrilled to welcome Sorted 360 as our trusted partner in advancing our brand presence across the nation," said the Head of Marketing at Relaice Malls. "Their proven expertise in retail, shopping center management, and innovative creative strategies make them the perfect fit for our vision."
"Partnering with Reliance Malls is a testament to our commitment to shaping extraordinary brand experiences," remarked Prerana Anatharam, Co-founder of Sorted 360. "We are excited to leverage our strategic and creative acumen to further elevate Reliance Malls as the epitome of convenience, choice, and excellence."
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KlugKlug onboards Hemang Mehta as Country Manager for Indias
Mehta was most recently Head of Agency Relationships at Network 18 Media & Investments
KlugKlug has appointed Hemang Mehta as its Country Manager for India.
Mehta will play a pivotal role in driving KlugKlug's growth and expansion within the Indian market and be responsible for Sales & GTM Strategy
Prior to that, he has also represented organisations like Exponential (now VDX.tv), India Today Digital and Rediff.com. His expertise spans various domains including digital media sales, mobile marketing, media planning, and buying, social media marketing, and more.
Hemang Mehta expressed his enthusiasm about joining KlugKlug, saying, "I am thrilled to be a part of KlugKlug, a forward-thinking platform that is reshaping the influencer marketing landscape. As much as I look forward to collaborating with the exuberant team at KlugKlug, I am super excited to interact with the brands to deliver powerful data-backed Influencer solutions that will guarantee business outcomes."
Commenting on the appointment, Kalyan Kumar, Co-Founder and CEO of KlugKlug, stated, "We are excited to welcome Hemang Mehta to our team as the Country Manager for India. His extensive experience in digital media sales and marketing will be instrumental in driving our efforts to provide influencer marketing solutions to our clients. We believe Hemang's leadership will be key in scaling our operations and expanding our reach within the Indian market."
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