Not so long ago, accessing our own money was about setting aside a couple of hours, getting to the bank before closing time, standing in one queue to get a token and then in another to collect the cash. Those were the pre-economic reforms days, when the banking sector primarily consisted of public sector banks.
Cut to the present day and the nature of banking has changed beyond recognition. With ATM cards, simple banking transactions like withdrawing and depositing money are easier than ever before. For the tech-savvy, there is the option of banking online. The next medium may just be your mobile.
Even when it comes to products, the changes have been many. Graduating from simple savings accounts and fixed and recurring deposits, banks now offer a host of products like special savings account and sweep-in-account, no frills accounts and easy receive account. Private sector banks may have taken the lead, but public sector banks, with their vast client base and unparalleled treasury of trust, are evolving their own brand of customer-friendliness.
All these initiatives, however, come at a cost. How do you choose one bank over another? The
Outlook Best Bank Award shortlists the players which are a cut above the rest, based on specific parameters. Since PSU banks have had to deal with a legacy from less professional times, this category is divided into two: The Best Public Sector Banks and the Best Private Sector Banks.
Top push: simple, hassle-free, cheap
There can't be a better introduction to them than saying, "The government banks with them." The State Bank of India (SBI) is the oldest and largest bank in the country. Its origins go back to the first decade of the 19th century, when the Bank of Calcutta was established on 2 June 1806. The bank got its present name after an Act of Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955.
Today, SBI has a phenomenal 9,559 branches and its ATM network is spread across 5,172 of its own locations, plus 2,328 of those of its associate banks. Its immediately recognisable acronym may not be associated with fancy products, but it is synonymous with simple, no-hassle banking in the remotest parts of the country. The bank also provides demat and trading accounts.
SBI has successfully kept pace with changing technology. Although, at present, it does not offer facilities like phone and mobile banking, the process of offering these services is in the advanced stages. Its ATMs allow you to do a lot more than accessing cash: you can pay the fees for more than 100 education institutions, deposit application fees for competitive exams, give donations to trusts and temples and also transfer funds. To widen its ATM network further, SBI has entered into a partnership with 13 banks for bilateral sharing of ATMs. However, this will call for a small fee.
SBI has also been actively involved in non-profit activity called Community Services Banking since 1973. All bank branches and administrative offices sponsor and participate in a large number of welfare activities and social causes.
The internal evaluation of customer satisfaction is done by the bank's inspection & audit department at the time of their periodic inspection and audit of branches. All branches are audited at a frequency ranging from one year (large and medium branches) to two years (smaller branches). Simple banking solutions
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