India is a country with huge population, which accounts for a large number of players in the banking sector of the country. While public sectors banks are known for their reliability, private banks have carved a niche for themselves because of excellence of services as well as high profitability. Foreign banks, regional rural banks, and co-operative banks also play a vital role in the economy. Today, people look for a variety of factors, such as high rate of interest on deposits, easy advances, customer service and so on, while choosing a bank out of the numerous options available.
What makes the Bank best for Customer?
You must be wondering that what makes the bank best for the customers. Well, there are many factors like that but the failure of the bank is not the factor in India because any bank in India is too big to fail. The government would never let that happen. So what are those factors that make the bank best for the customers? Well, let us have a look at those factors.
Customer Service – This is one of the most important factors that ensure that the bank remains of the top. The customer relationship management needs to be top notch so as to attract the customer. No one wants to spend hours on phone in order to get an issue sorted. If a bank has a good customer service with shorter SLAs then the customer experience would certainly be good and that would attract the customers by itself.
Wide Umbrella Banking – Another such factor is the services the bank offers. No one would like to approach two different banks to get two different services so the customer certainly prefers the bank which provides all the banking services under one roof. This not only saves the time of the customer but it also helps the customer in making things easy.
Accessibility – Accessibility is another such factor considered by people while choosing the ban. The bank should ideally have a branch in almost every neighborhood and the bank should also have ATMs across the city. If the bank has limited branches then the customer would have to walk down to thecorner of the city to get a simple job done. Certainly, something which is not appreciated.
Digital Banking Platform – Today, the people are moving more towards the digital banking and they seldom visit the branches hence the digital banking platform should be user-friendly and it should also offer all the services. You should be able to order a draft, checkbook, insurance, mutual funds,and any such financial service right from your mobile banking or the internet banking.
Charges to Customer – It is also important for the bank to keep the charges of the service’s low. Some of the banks even charge for the cash you deposit in your own account. There is a certain threshold in these banks and they start charging the customer for any deposit after the limit is crossed. We do not need such banks! Some of the most preferred banks offer some services for free. Like there are some private banks which would not charge you for 4 drafts every year.
Ease of Banking – Ease of banking is another factor that makes the bank best. Most of the banks have now deployed machines to deposit cash in the account. This means that the customer can deposit cash round the clock and the process is certainly faster.
Reward Programs – A lot of people also consider the reward programs and the loyalty programs while choosing the banking services. This is certainly an add-on and it makes the customer happy to be rewarded by the institute.
These were the points that make the bank best for the customer. Now let us look at the top 10 best banks in India in 2018.
Here is a list of top 10 banks in India:
10. Kotak Mahindra Bank
Kotak Mahindra Bank was incepted in 1985 and today it is the fastest growing bank in India. The bank is increasing its reach to rural as well as urban areas and the bank also offers ahigher rate on saving bank account. The bank has over 1369 branches, 2163 ATMs and it is also the fourth largest private sector bank.
9. IDBI Bank
IDBI Bank, which comes under the category of another public sector bank, came into existence in 1964. At present, the bank manages assets worth $ 58 billion and operates through 1995 branches and 3817 ATMs, which are served by an employee base of 17570 people.
8. Bank of India
Featuring on number 8 in this list is Bank of India, a public sector bank serving the country since 1906. Currently, it is operating through 5100 branches, including 56 overseas branches, and nearly 2300 ATMs. The bank has an employee base of over 45,999 employees which serves the customer across India.
7. Axis Bank
The next bank to be included in this top 10 list is Axis Bank, a leading private bank which was established in 1994. This bank is acclaimed for excellence in services and has nearly 3304 branches and 14003 ATMs in India and manages assets worth $ 94 billion. The bank is known for the digital banking experience and the bank employees over 56,000 people.
6. Canara Bank
Canara Bank, which was set up back in 1906 by Subba Rao Pai, comes next on this list with net asset management worth $ 86 billion. The bank serves its customers through 6639 branches and 10600 ATMs and has an employee base of 59400 workers.
5. HDFC Bank
On number 5 in the list of top 10 banks of India in 2018 is the HDFC Bank, which has been providing excellent banking services since its establishment in 1994. The bank operated through 4715 branches and 12260 ATMs in 1400 cities across India and has net asset management worth $ 130 billion. The bank employees over 84 thousand people.
4. Bank of Baroda
From the asset management point of view, Bank of Baroda comes on the fourth position in the list. The bank was set up way back in 1908 and currently carries its business through 5538 branches and 10441 ATMs around the nation. The bank manages assets worth nearly $ 3.58 Trillion.
3. Punjab National Bank
The next name on the list of best banks of India in 2018 is that of Punjab National Bank, which has asset management of $ 100 billion. Additionally, the bank has an extensive network in the country, with more than 6937 branches and 10681 ATMs spread in all corners of India.
2. ICICI Bank
With net assets managed equaling $ 120 billion, ICICI Bank features next on the list of current top 10 banks in the country. The bank is acclaimed for its customer-friendly policy and fast services. It has nearly 4850 branches and 14,404 ATMs around the country.
1. State Bank of India
The top leading bank of India is State Bank of India, which has been serving customers since 1955 and has more than 24000 branches in the country in addition to 59000ATMs, where more than 2lakh people are employed. The bank shared a 20% chunk in the banking sectors of the country and its asset management value is $ 420 billion. With the recent round of merger and acquisition, the bank became the largest public sector bank of India
All these banks have received recognition for serving the customers in addition to generating massive profits.