Monday, November 27, 2017

SBI is most popular bank for online transactions: Study

A NEW study has shown that while private banks are quite popular with consumers for online transactions, State Bank of India sees most transactions in big cities. This, when consumers in states like Punjab continue to like regional banks, suggests a study on 14 banks done via Truecaller.
Truecaller, an integrated caller ID service provider, conducted the study using a new messaging feature that counts specific number series banks use to send messages to their customers for confirming transactions between June and September quarters.
State Bank of India (SBI) emerged the biggest bank with 30 per cent of Truecallers users using it, followed by HDFC (14 per cent), ICICI (13 per cent), Axis Bank (9 per cent) and ING Vysya (8 per cent).
Global banks such as Citi Bank and Standard Chartered accounted for mere 1 per cent of the total transaction volume. In Delhi, SBI accounted for 23 per cent Truecaller's users. It was followed...
by HDFC Bank (17 per cent), ICICI Bank (15 per cent), ING Vysya (11 per cent) and Axis Bank (9 per cent). Chennai and Mumbai, on the other hand, saw a smaller influence from the State bank of India (SBI) and had more equal distribution of volume between 5 or 6 per cent of the biggest banks.
In Andhra Pradesh, State Bank of India takes the largest percentage of volume in any of the major markets with 42 per cent of all banking transactions occurring with the incumbent.
"Based on this analysis we can see that there’s a clear leader in the overall Indian banking sector with SBI. There is a strong middle class of banks that make up to support a healthy competition in the sector," the report said.
"As mobile e-wallet transactions continue to grow at a blistering pace pace in India, it will be fascinating to see how the market evolves and which one of these big banks gains (or loses) the most from the rush to mobile banking," Truecaller said.
Data showed PSU banks such as Punjab National Bank (PNB) have a stronger regional dominance, but SBI still rules the chart in these states. For Punjab-based users, PNB accounted for 12 per cent volumes against 8 per cent on a Pan-India basis. SBI (26 per cent) still led the chart in the state followed by HDFC Bank (20 per cent), ICICI Bank (13 per cent), and Axis Bank (9 per cent).
Karnataka and Kolkata show almost exactly the same volume, with the State bank of India taking a commanding 28 percent of the market, the report said.

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