HDFC Bank has emerged as no. 1 among the 100 Banking, Financial Services, and Insurance Companies (BSFI) in the country. India’s largest private lender topped owing to its customer service, innovative offers, and money management during the coronavirus pandemic.
According to the Banking, Financial Services and Insurance Companies (BSFI) Movers and Shakers 2020 report prepared by Wizikey, HDFC Bank’s involvement in many different ventures such as launching Summer Treats, offering no-cost and long tenure EMI options and no down payment for larger appliances, etc, became the key factors in the bank becoming the winner in the BSFI segment.
Apart from the HDFC Bank, ICICI Bank and State Bank of India ranked second and third, respectively. They were awarded so due to their transformation of services during the pandemic. The banks that found a place in the top 10 list according to the BSFI report by Wizikey are HDFC, ICICI, SBI, Yes Bank, PNB, HSBC Bank, Kotak Mahindra Bank, Bank of Baroda, Deutsche Bank, and IDBI Bank.
According to the report, Yes Bank’s entry into the list was surprising. This bank has been in the news for its poor performance. However, it seemed to be able to pick up its slack when its stocks soared. The ICICI Bank became the most preferred bank this year in terms of moratorium rules, discounts, exciting offers on credit cards, and a new loan policy. In fact, it became the first bank in India to use satellite data to assess farmer loans.
In the wallets and UPI segment, Google Pay emerged victorious, followed by PhonePe. Paytm and Amazon Pay followed.
Neo Banks was another category that received a lot of buzzes this year, thanks to digitization. YONO emerged as number one and was followed by Niyo and Kotak 811 at ranks 2 and 3 respectively in the same category. In the payments bank category, the Airtel Payments Bank was ranked no. 1, followed by Paytm Payments Bank and Jio Payments Bank.
According to Anshul Sushil, CEO and Co-Founder of Wizikey, this year, despite the difficulties, paved a way for the emergence of a new model.