Indians most loyal to banks, supermarkets: Survey

According to a survey conducted by Aimia Loyalty Lens, the loyalty management firm, financial services enjoy the highest level of loyalty with 50 percent 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.

While unveiling the results of their new survey, Aimia also looked at trends in consumer loyalty, engagement with technology and attitudes towards data privacy. It reveals that today's Indian is highly engaged online, is an early tech adopter, and is willing to share information in exchange for benefits and offers.

Indians trust financial services companies the most with their personal data. Social networks and online search engines score the least. 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. 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.

30% of Indians have 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."