Truecaller Insights’ Special Report: Indian Banking Sector has revealed that of India’s 14 largest and well-known banks, the State Bank of India (SBI) is the biggest bank by volume of messages, with 30% of Truecaller users using it, followed by HDFC (14%), ICICI (13%), Axis Bank (9%) and ING Vysya (8%). By identifying the number series that the banks use when confirming transactions, Truecaller has found that some of the more “global” banks, such as Citi Bank and Standard Chartered have only about 1% of the total transaction volume each among the nationwide user base.
Truecaller has utilized anonymously aggregated data it receives from its new SMS feature, in particular, how transaction volumes are across the major players breaks down nationally and in a few key regions:
- Looking at Delhi users, the top 5 are the same, but their percentages are quite different: SBI, while still the biggest bank, sees a large drop in its volume in Delhi (23%), HDFC (17%), ICICI (15%), ING Vysya (11%) andAxis Bank (9%).
- Both Chennai and Mumbai see a smaller influence from the State Bank of India and a more equal distribution of volume between 5 or 6 of the biggest banks.
- Some banks (such as Punjab National Bank) have a stronger regional dominance, and it shows in the data. For Punjab-based users, the top 5 banks are: SBI (26%), HDFC (20%), ICICI (13%), PNB (12%) and Axis Bank (9%). Overall in India, PNB has an 8% share.
- In Andhra Pradesh we see the State Bank of India take the largest percentage of volume in any of the major markets with 42% of all banking transactions occurring with the incumbent.