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Banks most trusted data, social networks least – survey

Indians have the highest trust in banks and financial institutions when it comes to sharing personal data, while the least amount of trust is placed on social networks and search companies, according to a survey by Aimia, a loyalty management company.

banks

Financial institutions are perceived as sending out the most relevant communications, with 44% of respondents rating credit card and 41% rating bank communications as very relevant, according to the survey.

The likelihood of Indians to download and use coupons on mobiles is high at 52%. And 95% of Indian respondents, compared to 70% internationally, showed interest in a bank card service that gives them offers and discounts on their card based on their purchase history.

The trust is also reflected in brand loyalty.

Financial services enjoys the highest level of loyalty with 50% of respondents saying they are most loyal to this category. Coming in second was mobile networks (40%) followed by technology brands (36%). Loyalty to financial services is also evident in loyalty card ownership with banks scoring the highest with 40% of respondents saying they are a member of a bank loyalty scheme and 31% saying they are a member of a Credit Card loyalty scheme.

Categories such as supermarkets and grocery rate lower in loyalty and membership compared to other markets surveyed. Indians cite reputation as their 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.

30% of Indians indicated a strong interest in using digital wallets, a number that is three times the average of other markets surveyed. A large majority (70%) expressed interest in participating in broad based coalition loyalty programs in which points and benefits are earned across multiple categories.

Vikas Choudhury, COO & CFO, Aimia India, 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 Indian customer will reward brands that are transparent, offer added value and build real relationships with them.”

The international Aimia Loyalty Lens survey was commissioned by Aimia and fieldwork conducted by Research Now between June and July 2014.

The study surveyed 24,335 respondents in 10 international markets: United Kingdom, Spain, Italy, Germany, France, Canada, United States, Australia, the Middle East, and including 2,849 in India: In all markets, apart from the Middle East and India, the sample sizes are all nationally representative. Because of the online nature of the survey there is some bias towards younger, higher income groups in the Middle East and Indian markets.

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