HDFC Bank top among 100 BFSI firms; Google Pay No.1 in UPI payments

HDFC Bank has emerged as the top player among the 100 Banking, financial services and insurance (BFSI) companies in the country. The country's largest private lender topped because of its customer service, monetary management, and innovative offerings amid the coronavirus pandemic.

According to BFSI Movers and Shakers 2020 report by Wizikey, HDFC Bank's involvement in various ventures such as launching 'summer treats', offering no-cost EMI options and no down payment for large appliances, etc, became the key factors for the bank to become the winner in BFSI segment.

Apart from HDFC Bank, ICICI Bank and State Bank of India (SBI) ranked second and third, respectively, for showing a quick transformation to serve the citizens through the arterial reach.

Overall, HDFC, ICICI, SBI, Yes Bank, PNB, HSBC Bank, Kotak Mahindra Bank, Bank of Baroda, Deutsche Bank, and IDBI emerged as the top 10 banks of 2020, as per Wizikey's BFSI Movers and Shakers report.

The report said that the surprise entrant in the list was Yes Bank. "At an overall rank no. 4, it trumps in volume it trails in sentiment. This bank was in news for its poor performance, rejig of the management. Well, finally it managed to pick up steam towards the end of the year and improve sentiment when its stocks started soaring on the BSE," Wizikey said.

The ICICI Bank became the most preferred bank in terms of moratorium rules, new loan policy, as well as discounts, offers on credit cards. It became the first in India to use satellite data to assess farmer loans.

In the wallet and UPI segment, Google Pay emerged as the number one mover and shaker, followed by Phone Pe. While Whatsapp stayed behind all other players like Paytm (3) and Amazon Pay (4).

Neo Banks was another category that witnessed a lot of buzz in the year riding the trend owing to the digitisation. YONO emerged as the number one followed by Niyo and Kotak 811 at ranks 2 and 3 respectively in the category.

In the payments bank category, the Airtel Payments Bank emerged as the leader, followed by Paytm Payments Bank and Jio Payments Bank.

Commenting on BFSI Movers and Shakers report, Anshul Sushil, CEO and Co-Founder, Wizikey, said, "The BFSI segment of India, one of the cornerstones of our economy, saw a major upheaval in 2020. While the banking sector witnessed an immense crisis, it also paved the way for the emergence of new and disruptive models in the sector".

The BFSI Movers and Shakers 2020 Report has been created with Wizikey's proprietary AI and ML technology, data mining and analysis.

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(Edited by: Mansi Jaswal)