Customer arrival reduced by 40 to 50 percent in branches
Vaibhav Parwat
Chhatrapati Sambhajinagar: The advent of digital payment methods, particularly popular platforms like the 'BHIM' app, 'PhonePe,' and 'GooglePay,' has sparked a remarkable transformation in customer interactions with banks. The once-familiar footfall of customers within bank branches dwindled by 40 to 50 percent as the majority embraced the ease and efficiency of digital transactions.
Statistics revealed the district's swift transition towards a digital economy. Over 5 lakh residents were now utilizing mobile banking apps and various digital methods for their daily transactions. Debit card transactions, in the year 2023, experienced a slight decline, from 2.71 crores to 2.68 crores, signaling a shift in consumer behavior.
However, the mobile transactions, where the numbers surged from 11.31 crores to an impressive 18.43 crores within a year, showcasing a community fully embracing the convenience of digital interactions.
ATMs withdrawal on a decline
The once-crowded ATMs experienced a decline in daily transaction rates from a hundred to a mere 40 or 50. The district's 400-odd ATMs, though still operational, reflected the diminishing reliance on physical cash.
Seniors yet to be digital-savvy
The visitors to branches are predominantly seniors, grappling with the intricacies of digital payment methods. This unintended consequence of the digital revolution had not only reduced the over-the-counter workload for banks but also contributed to cost savings, as the need for physical interactions diminished.
Reduced foot traffic in banks
Government and private banks alike noted a significant decrease in over-the-counter transactions. The average number of daily customer transactions at a bank has decreased from 100 to 40. This is due in part to the increasing popularity of mobile banking and online payments. As more and more people use these digital methods to make transactions, the need to visit a physical bank branch is reduced, said SBI bank manager Suresh Kumar Yadav.