SPCB leads Surat’s top 10 UCBs
Its yoy increases in users of mobile banking and cards are a result of its digital initiatives during the covid times:
Surat People’s Cooperative Bank, which came into existence in 1922 has today 30 branches – 25 in Surat city alone and 1 branch each in Vapi, Navsari, Chikhli, Valsad and Mumbai. The bank’s digital strategy post covid is primarily SMS marketing. It has created the required awareness by sending messages like ‘stay at home and do banking’ to its customers in an attempt to contain spreading of the infection.
Jayvadan Bodawala, Director of the bank, says the bank has sent around 100,000 SMS messages to its customers about the use of the digital channel of the bank. In early October 2020, it announced that it is introducing control of its ATM and debit cards through SMS for activating and deactivating the cards, getting the current status of the channels. “We have also educated our customers through information dissemination using our website,” says Jayvadan.
WITHDRAWAL PREFERENCE
The bank’s customers prefer the bank’s own ATMs for withdrawal of cash. “We are highly satisfied with our customers’ behaviour, which is in support of the SMS marketing. They are also complimenting us for our efforts in creating awareness about covid and the need for sanitization,’ says Jayvadan.
MOBILE BANKING HIT
While the number of users of the bank’s mobile banking service increased by 10,476 (yoy as of 2020-21), the value and volume of transactions are up by `27.96 billion and 14 million respectively. Jayvadan says the bank could handsomely achieve the goal of diverting the customers from branch banking to digital banking and the bank is satisfied with the result when compared to pre-covid level.”
POS DOWN, ECOM UP
POS transactions of the bank have declined by 31,928 compared to that of pre-covid level. Says Jayvadan: “Whereas the total amount of POS transactions has marginally increased by 7% with support of our SMS marketing, the total number of such transactions declined by 11%.”
He also says e-commerce transactions have increased by 40,511 in terms of number of transaction and by `19.7 million in terms of amount. This increase is very satisfactory in terms of the bank’s initiative of contactless use of the digital channel, says Jayvadan.
CARD USAGE ON ATM
The value and volume of card transactions through the bank’s ATMs are up by `1.41 billion and 187,370 respectively. Use of the bank’s cards on other banks’ ATMs reduced by 96,281, recording 27.24% degrowth.
TOP-10 BANK
The bank tops among all banks in Surat in total amount of deposits as well as loans as of 31 March 2021. “We are the No 1 bank in terms of value of both deposits as well as loans. Then comes Varachha Cooperative Bank, Sutex Cooperative Bank, Prime Cooperative Bank, Surat National Bank, Sarvodaya Cooperative Bank, Surat Mercantile Cooperative Bank, Bardoli Nagarik Sahakari Bank, Akhand Anand Cooperative Bank and Associate Bank,” says Jayvadan.
The bank’s deposits and loans stood at `53 billion and `33.41 billion respectively. At the second place is Varachha Cooperative Bank (`22 billion and `9.85 billion respectively) and at third place is Associate Bank (`1.72 billion and `935 million respectively).