Decision Lab, the exclusive partner of YouGov in Vietnam, has released the Decision Lab Bank Satisfaction Rankings 2023. The report ranks the top 10 banks in Vietnam based on how satisfied their customers are with their services. According to the ranking, Vietcombank is the most satisfying bank in Vietnam, followed by BIDV and Techcombank.
The ranking is derived from the positive satisfaction metric of the YouGov BrandIndex solution, a syndicated brand tracker that collects daily data on over 400 brands in Vietnam. This results from over 40,000 interviews conducted via the tool within two years.
Customer satisfaction is a critical factor for the success and growth of any banking operation. It affects the loyalty, retention, and profitability of the customers. Satisfied customers are more likely to purchase additional products and services from their bank, such as credit cards, loans, or insurance. They are also more likely to recommend their bank to others, which can generate positive word-of-mouth and attract new customers.
The Decision Lab Bank Satisfaction Rankings 2023 is a valuable resource for customers looking for banks with a proven track record of delivering exceptional customer experiences. Leveraging the power of satisfaction can help banks establish a loyal customer base, increase brand awareness, and drive business growth.
The ranking shows that Vietcombank is the most satisfying bank in Vietnam, with a score of 86.2, which jumped from the 4th position in the same period last year. This means that 86.2% of Vietcombank’s customers were satisfied with their bank.
In general, all banks’ satisfaction scores increased sharply this year. YouGov BrandIndex has been tracking daily banks’ brand health in Vietnam since 2016. Last year, the highest satisfaction score in the same period was 77.3, while this year, it jumped to 86.2 as all banks strived to enhance customer satisfaction. However, there were also some drastic changes in the ranking among banks, showing how competitive this market is.
BIDV follows Vietcombank with a score of 83.5. The bank’s satisfaction index grew dramatically, jumping four positions from 6th place last year. Techcombank is ranked third with a score of 83.4, dropped one place compared to the previous period.
MB stood in the 4th position with a score of 82.6. The military bank was ranked first in the previous period. VietinBanksecured the top 5 spot with a score of 82.3.
Other banks in the top 10 are ACB (81.7), HD Bank (79.5), HSBC (79.2), Sacombank (78.6), and VIB (77.9).
Alongside the Bank Satisfaction Ranking, Decision Lab also released the most improved bank ranking, highlighting the banks that have made the most significant improvements in satisfying their customers. The biggest improver is Standard Chartered Bank, which increased 12.0 points.
Vietcombank ranked second with a score increase of 8.9 points, followed by Agribank at third with a score increase of 8.2 points. BIDV and AB Bank rounded off the top five, relatively improving by 7.9 and 6.9 points.
The full report can be downloaded from the Decision Lab website.
Thue Quist Thomasen, CEO of Decision Lab, commented on the ranking:
“We are delighted to present the Decision Lab Bank Satisfaction Rankings 2023, the most comprehensive and reliable report on customer satisfaction in the banking industry in Vietnam. The ranking is based on the positive Satisfaction metric of the YouGov BrandIndex tool, which is the gold standard for measuring brand health and performance.
The ranking shows all banks in Vietnam have strived to enhance their customer satisfaction. However, there were also some drastic changes in the ranking among banks, showing how competitive this market is.
We congratulate Vietcombank for being the most satisfying bank in Vietnam, followed by BIDV and Techcombank. We also commend Standard Chartered Bank for being the most improved bank. We hope that the Decision Lab Bank Satisfaction Rankings 2023 will inspire banks to continue to enhance their customer satisfaction and leverage the power of satisfaction to drive their business growth.”
Methodology
The Decision Lab Bank Satisfaction Rankings 2023 are calculated using data collected from YouGov’s online panel in Vietnam daily from the flagship YouGov BrandIndex solution.
Brands were ranked based on their positive ‘satisfaction’ score. In this metric, people are asked, “Of which of the following Financial Institutions & Services brands would you say that you are a satisfied customer?”. Respondents are each bank’s current customers.
Tracking period: 1st October 2022 – 30th September 2023
Compared to: 1st October 2021 – 30th September 2022
All brands must have a minimum sample size of 100 responses and have been tracked for at least six months to be included in the Rankings and for at least 18 months to appear in the Improvers tables. The scores are representative of the Vietnamese online adult population aged 18+.