ICICI – most trusted private sector bank… seriously??

So there is an ad in today’s papers. ICICI bank congratulating itself on keeping “Khyal aapka” and being the most trusted Private Sector bank. If you see the ad, it would sound like a great big achievement.

Wonder why the management took almost two weeks to announce this fact.

Could it be that the agency could not get the right copy for the ad?

Or could it be that the management kept wondering if they should really bring out the ad…. considering that they have actually slipped three places from 7 to 10 in the ranking as the most trusted service brand?? and HDFC Bank has moved from 16 to 14.

I think as a banking institution, which expects people to put their faith and money into their vaults, a slip of even one rank should be a cause for major concern. There obviously is a majority of people who have started feeling that “Khyaal Aapka” is just a tag line and it does not reflect in the way bank interacts with their consumers.

Instead of releasing an ad which doesn’t really tell the truth, the bank needs to analyse its functioning. Try and understand why its ranking has fallen. Why is it that consumers are losing faith in the bank.

Ms. Chanda Kochar needs to realise that conservative lending (there actually is nothing wrong in being conservative) and tactical cost cutting (we all know what that means) may make the books look good but in the long run, she is probably going to undo all that Mr. Kamath had done to take the bank to such great heights in the past. It is good to be conservative (after all I would not want my bank to be profligate) but it is not so good when a bank stops caring.

HDFC for instance, gives a very secure comfortable feeling. Their initiatives give a sense that the bank understands the customers and is doing various things to reach out and be a solution.

With the economy being the way it is and a global crisis round the corner, it is for the banks to choose the path they want to take… What is happening in US by way of  “Occupy Wall Street” movement, could happen in India too and all the brands that stand for money and financial services… could be in trouble. After all, the 1% rich don’t get rich by investing their own money. It is the money that they borrow from the banks and use it for fattening their pockets… is what makes them rich.

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