For bank deposits, people have been preferring private banks more than public banks. At a time when HDFC Bank has added around INR. 1.12 lakh crore, ICICI and Axis Banks have added INR. 55, 613 crore, and INR. 50,998 crore respectively, during the period July-December 2019. The three banks combined have accounted for 82 percent of the deposits raised cumulatively by eight private banks.
In a nutshell, over the last six months, depositors have preferred to park their money with private banks for the last three years. During the first three years, the first half of the calendar year 2019 saw state-owned banks getting back in the game. This is due to a sharp increase in incremental depositors.
Reports say that the deposits of the top eight private banks like that of HDFC and ICICI Bank increased by INR. 2.68 lakh crore, this is much higher than the INR. 2.58 lakh crore increase in deposits in the top eight mentioned state-owned banks.
If we compare it with the last six months, during January-June 2019, state-owned banks like SBI and Punjab National Bank accumulated around INR. 5.25 lakh crore. This was more than double of what the eight private sector banks had managed (INR. 2.53 lakh), in the same six months.
It is noted that the aggregate deposits with the eight state-owned banks in the calendar year 2019, stood at INR. 66.73 lakh crore, as compared to INR. 30.99 lakh crore, held by the top eight mentioned private banks. That means state-owned banks roughly hold more than two-thirds of the total outstanding deposits.
Deposits have been counted of the eight private banks like HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank, Bandhan Bank, and IDFC Bank. Here, the state-owned banks are SBI, PNB, Bank of Baroda, Canara Bank, Bank of India, Union Bank of India, Indian Overseas Bank and Oriental Bank of Commerce.
Is Technology Playing The Good Cop?
Over the days, Express Computer has been keeping a close tab on how nationalised banks have been using technology to the core. Consider Bank of Baroda. They have been using chatbots extensively, both for internal and external purposes. Currently, they already have a chatbot called ADI (Assistant Digital Interaction). This runs on Bank of Baroda’s website, which is being run by IBM solution.
Also Read:
How Bank of Baroda Is Using Technology Extensively For Its Operations?
They have strategised things to start small, and in an inexpensive way to reach maximum results. Also, Kotak Mahindra Bank has been pretty proactive in adopting technology. In fact, our Principal Correspondent recently conducted an interview where, Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank, has busted five myths about digital transformation.
Watch the full video here:
AI chatbots use your existing information and resources, like FAQs or knowledge bases, to answer questions and offer help. They can recognize and answer multiple forms of the same question and can be trained to give instant responses using your preferred voice and tone. This all combines to create an experience that models what you’d provide customers in a chat with a real person.