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Digital platforms helped banks source fresh business during the pandemic

During the COVID-19 pandemic, the country's top banks sourced a substantial amount of fresh business, in terms of new deposit accounts and loans, through their digital channels. We have compiled data from four private banks— Kotak Mahindra Bank, Axis Bank, ICICI Bank and RBL Bank — and from State Bank of India to understand how their respective digital channels have aided their growth in the deposit and lending business. Although several private and public sector banks that alluded to witnessing better sourcing through digital channels, but did not publish detailed statistics on the same. Here is a summary of our findings based on data disclosed in the respective investor presentations: State Bank of India SBI's flagship mobile-banking app, YONO, has successfully helped the bank grow its deposit and lending business since its inception in November 2017. According to its recent investor presentation, the platform has 28.5 million registered users; 8.9 million new savings accounts have been opened through the app till date; 1.4 million were opened during Q2'21. Overall, SBI has generated a loan portfolio of ₹25,000 crore and a liability portfolio of ₹60,000 crore through YONO. As of June 2020, the app contributed ₹200 crore towards the banks' quarterly profit. The bank estimates that YONO will add ₹1,000 crore to its profits for the current fiscal year. Between April and September 2020: The bank added 10.4 million new users on YONO Disbursed loans worth ₹10,695 crore through the platform Cross-sold products through YONO's e-marketplace worth ₹168 crore The bank has sourced over…

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