According to a report few banks such as HDFC, ICICI Bank, SBI, Yes Bank, PNB, and HSBC Bank are listed as the top-10 banks in 2020, while Google Pay and PhonePe were the top wallets among the crowd. Modes of online transactions such as wallets and UPI, Neobanks, non-banking financial companies (NBFCs), small finance banks and payments banks, the BFSI Movers and Shakers report by Wizikey about the top 100 banks in Indian and emerging Banking Financial Services and Insurance(BFSI). The reports added that the year also witnessed UPI and wallets vault into high action as they found a new opportunity in making an imprint on its prevailing and potential customers. The reports also termed Google Pay emerged as the number one mover and shaker, followed by Phone Pe.
In these three among some numerous banks that transformed themselves almost overnight to attend to the Indian consumer and have also come up with their newer companions including banks like Axis and Kotak Mahindra Bank in both size and excellence of news are ICICI, HDFC, and SBI, it said. WhatsApp launched its payment services but it stayed a foot behind other players, while neo banks was another category in the financial sector that saw and been part of a lot of buzz in the year riding with the trends and owing to the digitization that has been under advancement for years now.
Wizikey which is a SaaS-based startup also reported that farther with the banking mates, one of the most washed-out sectors of insurance, also saw a massive shift in gears this year taking into notice their growth in favour due to the after-effects of the pandemic further added that additionally, a do to death of innovative services that the expense and lending solutions space saw have established a new benchmark for India on a global level.