The Indian Banking industry is in a state of continual flux. Presently, rising disposable household income, growing economy, and the ongoing digital revolution have changed customers’ relationship with their banks and their transaction preferences significantly. Consequently, the rise of internet and mobile banking has put Customer Satisfaction (and by extension, NPS) squarely at the heart of banking experience, more so now than ever.
Furthermore, the banking sector in India is massive with 27 public sector banks, 21 private sector banks, 49 foreign banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural cooperative banks. Hence, the market is saturated with choices. Therefore, customer Experience and Customer Satisfaction become essential metrics that differentiate one bank from another.
So, Numr Research surveyed over 500 people  across various demographics for this NPS Study. Moreover, it sought to explore the relationship between NPS, a metric for customer Satisfaction and annual growth.
In conclusion, the Banks with the highest NPS also correspondingly displayed the highest annual growth and expansion.
So, see the complete report below-
In brief, Kotak Mahindra and HDFC had the highest NPS, measuring 68 and 67 respectively. Additionally, a quick study of the annual financial reports for the year 2018 of both these banks reveals their compound growth rate to be 13% and 16%. Here, the growth rate remarkably mirrors the Net Promoter Score.
Therefore, looking at the graph, it can be clearly surmised that the higher the NPS, the higher the Growth rate.
Ultimately, Customers are the backbone of any business.
However, in the Banking and Financial Sector, customer experience often ends up being constrained to the background. The NPS system does not merely deduce customer loyalty. In addition, it also provides companies with actionable data that can be used to increase the level of loyalty and decrease customer churn. As evidenced by Numr’s survey, Net Promoter Score has a direct influence on financial outcomes.
A total of 500 respondents across various demographics were surveyed. These respondents all belonged to the top 8 cities, namely Delhi NCR, Mumbai, Kolkata, Bangalore, Pune, Hyderabad and Chennai and were at least 22 years of age, at the time of answering the survey. Also, these respondents were affluent, tech savvy urbanites who routinely use OTT platforms, are extremely health conscious and keenly aware of changing market trends.