Banking in 2020: Amid COVID-19 pandemic, ICICI bank HDFC Bank and State Bank of India (SBI) are the 3 banks that transformed themselves practically overnight to serve their account holders (shoppers) this year. In carrying out so, they also trumped their newer counterparts which includes Axis Bank and Kotak Mahindra Bank, according to the BFSI Movers and Shakers 2020 Report by Wizikey.
As per the report, the top rated 10 banks in India in 2020 have been HDFC Bank, ICICI, SBI, Yes Bank, PNB, HSBC Bank, Kotak Mahindra Bank, Bank of Baroda, Deutsche Bank and IDBI.
“The three banks that transformed themselves almost overnight to serve the Indian consumer through the arterial reach that they have include ICICI, HDFC, and SBI. All three had high sentiment and volumetric scores. These leaders of the banking ecosystem trumped their newer counterparts including Axis and Kotak Mahindra…,” the report mentioned.
In 2020, the banking program played a vital part in the financial recovery by supporting enterprises and people by way of the COVID-19 crisis.
During the year, the regular banks have been attempting to match the enormous shift in demand from physical banking to on the net banking with shoppers getting shifted to digital channels and seemingly becoming satisfied to keep on the net, the report noted.
Banks and most of the BFSI players have reimagined and constructed easy, intuitive, digital-native, and ecosystem-driven buyer journeys for far better buyer engagement, it added.
Moreover, contactless payments by way of QR codes, wallets, UPI, or contactless cards gained reputation as they presented comfort, security, and safety whilst enabling the customers to preserve physical distancing.
“While uninterrupted 24 X 7 digital banking services were launched, the real differentiator for banks was their ability to play a more integral role in their customers’ lives. Certain technologies such as virtual assistants, live chat for additional customer support, WhatsApp Business, marketing automation were integrated as part of the digital revolution,” it mentioned.
The year 2020 also saw UPI and Wallets spring into higher action as they discovered a new chance in producing a dent with the buyer.
The report mentioned that in a locked-down planet, Google Pay emerged as the quantity 1 mover and shaker, followed by Phone Pe. While Whatsapp buzzed with the launch of payments it stayed behind all other players in the category. Neo Banks was a further category which witnessed a lot of buzz in the year riding the trend owing to the digitisation that has been below progress for years. YONO emerged as the quantity 1 followed by Niyo and Kotak 811 at ranks 2 and 3 respectively in the category.