EPSI presented second rating in Azerbaijan

Based on EPSI methodology telephone interviews were held during September, 2010. That was a project’s starting point. After the database analysis had passed began the model study of Satisfaction and Loyalty.

This year EPSI Index in Azerbaijan is 82,4 points out of 100 , which is rather high but do not shows positive dynamics (about 0,8% decline) compared to 2009 result. It is important to add that other countries involved in EPSI Rating 2010 (Georgia, Kazakhstan and Russia) do show general Index Increase.

The maximum decline is seen with a Bank of Baku - 2,8 % for EPSI and 3,5% for Loyalty. 
Capital Bank and IBA hold a 2% decline in Satisfaction Index. Moreover, Loyalty Index for IBA dropped by 2,4 % and by that Capital Bank showed 1 point better result of 81,8. Other banks EPSI Index didn’t changed compared too year 2009.

Main banks are placed below the market level in 2010 regarding both Indexes, especially Bank of Baku. Switching barriers (gap between Satisfaction and Loyalty so that Loyalty Index exceeds) are not presented any longer in banking sector. This means that client base can be more instable.

“In 2009 we see a vice-versa situation – customers were much more loyal an satisfied,  number of banks (e.g. Capital Bank) have had switching barriers”, - adds Alexander Kosobokov.

EPSI Rating gives an opportunity to evaluate the satisfaction level on the aspects: Image, Expectations, Product Quality, Service Quality and Value for money.

The general trend is imbalance between Image and Expectations that are rather high - on the one hand – and both Quality aspects (product and service) which are quite low – on the other.
“Azerbaijan Banks should be more conscious about promises they make? Because customers’ expectations may not be met”, - comments Alexander Kosobokov, the CEO of EPSI in Russia and CIS.

Bank of Baku is behind the market within all aspects, especially on Service Quality and Value for money. That means that customers do not consider bank offers services (banking product) valued for money or they do not entirely satisfied with the level of servicing.

Consumer Sentiment Index (CSI) proved to decline as well: respondent believe that macroeconomic situation in the country wouldn’t improve, the CSI index dropped by 16% (61,1 points). In brief, CSI reflects what people think about future (12 months forecast) economic development of Azerbaijan and their personal financial state. When it comes to personal financial state evaluation we see even a bigger drop of 18% (52,6 points). People don’t feel confident enough regarding their financial and economic well-being.


/Today.Az/