According to a report HDFC, ICICI Bank, SBI, Yes Bank, PNB and HSBC Bank come up as the Top-10 banks in 2020. In the digital wallet platform, Google Pay and PhonePe were the top wallets among the customers.
Wizikey talks about the top-100 banks in India and emerging BFSI models such as non-banking financial companies (NBFCs), payments banks, wallets and UPI and Neobanks in the BFSI (banking, financial services and insurance) Movers and Shakers 2020 report. In consonance with the report by SaaS-based start-up Wizikey beyond the banking counterparts, one of the most muted sectors, insurance, also saw a massive shift in gears this year because of their increase in popularity due to after-effects of the pandemic.
According to the report, the top-10 banks of 2020 are HDFC, ICICI, SBI, Yes Bank, PNB, HSBC Bank, Kotak Mahindra Bank, Bank of Baroda, Deutsche Bank and IDBI. Google Pay emerged as the number one mover and shaker in a locked-down world followed by Phone Pe. In the integrated digital banking platform YONO emerged as the number one, followed by Niyo and Kotak 811 at position 2 and 3 respectively.
The HDFC, SBI and ICICI have transformed themselves almost overnight to serve the Indian consumer and heir surpassed their newer counterparts including Axis and Kotak Mahindra Bank in both quantity and quality. The UPI and wallets found a new opportunity in making a dent with the customer in this year and spring into high action. For micro, small and medium enterprises (MSMEs), NBFCs played a critical role this year, emerging as the primary source of capital among others.
Anshul Sushil, Wizikey co-founder and CEO expressed that one of the cornerstones of our economy, the BFSI segment of India have a major upheaval in 2020. The huge crisis of banking sector paved the way for the emergence of new and disruptive models in the sector. On a global scale, India has created a new benchmark by innovative services such as the payment and lending solutions space.
