HDFC Bank has aced among 100 banking, financial services, and insurance companies in India to serve the citizens through the autostrada reach. Apart from HDFC, ICICI Bank and State Bank of India have emerged succeeding in impersonating the quick transformation. The topmost private lender has dominated due to monetary management, customer satisfaction, and unconventional offerings amidst the Covid pandemic.
The crucial and decisive factors like launching summer treats, no-cost EMI options, and no down payments have been momentous for its dominance. Wizikey’s BSFI movers and shakers report quoted another new entrant into the market which was Yes Bank. The Report stated that ” Being No 4 it outshines in volume and successes in volume. It was in news for its impoverished performance and had managed to stick to its reign by the end of the year and ameliorate success before its stock started ascending on the BSE”.
As per Wzikey’s BSFI movers and shakers Report the top emerging Banks have been HDFC, ICICI, SBI, Yes Bank, PNB, HSBC Bank, Kotak Mahindra, Bank of Baroda, and IDBI Bank. The most favoured Bank has been ICICI Bank due to its new loan policy, the moratorium rules as well as the offers and the discounts it offers on the credit cards. It had been the first bank to assess satellite data to approach farmer loans.
Google Pay has emerged as the entrepreneur to be dominating the wallet and UPI area succeeded by Phone Pe while Whatsapp and Paytm remained behind. In the payments bank section Airtel Payments Bank dominated succeded by Paytm Payments Bank and Jio Payments Bank. Neo Bank was too speculated a lot owing to its growth in digitization. YONO Bank led followed by Niyo and Kotak811 in this segment.
Anshul Sushil, CEO and Co-Founder Wizikey was quoted as saying ” The BSFI segment saw a major disruption in 2020. The banking sector carved the way for an upheaved economy instigating economic crisis.”