February 09, 2021
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‘Other state-owned banks to face rising challenges in acquiring, retaining customers, particularly individuals, MSMEs, as they become accustomed to digital services’
The coronavirus pandemic will accelerate growth of digital financial services, benefiting State Bank of India (SBI) and large private sector banks, according to Moody’s Investors Service.
The coronavirus outbreak and restrictions on physical contact will further boost demand for online financial services, making it more imperative for banks to accelerate digitalisation, the global credit rating agency said in a report.
“Yet only SBI and a small number of large private sector banks have the resources to effectively capitalise on the growing preferences for digital services among consumers and businesses.