Out of 28,118 Banks in India, Chrome Consumer Research’s paid audits uncover critical findings in branch operations.
In a comprehensive survey of 600 bank branches across 36 states and union territories of India, Chrome Consumer Research, a leading auditing and consulting firm, conducted paid audits that shed light on significant disparities in television operations and ad promotion across pan-India branches. The findings, split by month, highlight the state of advertising and promotional activities within these financial institutions.
Chrome Consumer Research’s rigorous assessments were conducted within a subset of 2% of the total number of banks in India, revealing crucial insights into the marketing and promotional strategies employed by these financial institutions.
State – wise split:
Television Running Score:
A total of 541 branches were found to have operational televisions, enhancing customer engagement and information dissemination. However, a concerning 52 branches had non-functional televisions.
Ad Promotion Television Running Score:
Of the surveyed branches, 55% actively utilized their television screens for ad promotion, while the remaining 45% did not harness this advertising medium.
Ad Duration Score:
When it came to the duration of advertisements displayed, the branches showed varying practices:
47 branches ran advertisements lasting 20 seconds.
209 branches featured advertisements lasting 25 seconds.
213 branches opted for 27-second advertisements.
A mere 20 branches had 28-second advertisements.
36 branches presented advertisements lasting 30 seconds.
The presence of collaterals was also scrutinized, with the following results:
48% of the surveyed branches had various collaterals available for customers.
In contrast, 52% of the branches were found to lack any form of collaterals.
These findings raise questions about the marketing and promotional strategies employed by banks across the nation and their effectiveness in engaging with customers.
Chrome Consumer Research’s audits not only provide valuable insights into the operational aspects of the banking industry but also serve as a wake-up call for financial institutions to assess and enhance their customer-facing activities. As the banking sector continues to evolve, effective advertising and promotional strategies are crucial for banks to remain competitive in the ever-changing financial landscape.
Chrome Consumer Research stands as a highly regarded company with a remarkable history of collaboration with a distinguished roster of partners that includes HIL Limited, Vishal Mega Mart (Airplaza Retail Holdings Private Limited), Intelsat, Apstar, Living Media (TV Today Group), Trivago, Euro Kids - India, Nuvoco Vistas Corp. Ltd., Moo Farms, Toyota Motor Corporation, Decathlon Sports India, NEXA - Maruti Suzuki India Ltd, Home Credit India, Maruti Suzuki India Limited, Khadi India (khadiindia.gov.in), Bhartiya Janta Party (BJP), GOVERNMENT OF RAJASTHAN, Employee's Provident Fund, Future Group India, Lava International Limited, Bureau of Energy Efficiency, Mahindra Group, VRS Foods (Paras Dairy), Mother Dairy Fruit & Vegetable Pvt. Ltd., Heidelberg Cement Group, ANAROCK, Kent RO Systems Ltd., Havells India Ltd, Black Rose Industries Ltd., Gionee India, Bajaj FinServ, Vodafone, and H&M.
(We got this information in a press release).