State Bank of India: On a transformative journey as a digital bank
State Bank of India (SBI) is a frontrunner in technology-driven banking that is creating milestones
Headquartered in the financial capital of India, Mumbai, State Bank of India (SBI) is India's largest universal bank in terms of loans, deposits, number of customers and employees. The Bank has the largest network of over 22,000 branches and 58,000 ATMs in India.
The number of customers using internet banking facilities are more than 60 million and mobile banking users stand at 14.1 million. YONO (You Only Need One) - an integrated digital banking and lifestyle platform by SBI launched in 2017, aims to technologically touch every customer of the bank in the near future.
SBI is also a leader in NRI Banking space of India with a market share of 22 per cent. The NRI deposit base stands at $29.71 billion (as on June 2019). The Bank is present in 35 countries with 208 foreign offices.
For focused servicing of its NRI Clientele, SBI has 84 dedicated NRI branches in India and has correspondent banking relations with 234 global banks, tie-ups with 56 exchange houses and six banks across the Middle East, so that NRIs can enjoy "anywhere - anytime" banking facilities.
The Bank's reach in terms of branches have traditionally served as primary touch points for its customers. The branch banking service offered to NRIs ranges from bank deposits, loans and remittances to bespoke products in investments, equity trading, portfolio investment schemes, mutual funds and insurances.
Additionally, its digital banking channels are also penetrating fast and driving change, not only in India but also across the globe by helping people with easy access to various banking services and lifestyle products too.
During the year, the Bank has posted Relationship Managers (NRI Wealth) in Abu Dhabi, Bahrain and Dubai. NRIs residing in Bahrain, Kuwait, Oman and the UAE can be on-boarded as Wealth Customers. They have an option to access Wealth Management Services either through e-Wealth Centres or Wealth Hubs (during their visit to India). The Bank has also opened a state-of-the-art, Global e-Wealth Centre at Kochi for extending services to NRIs.
With the upcoming launch of YONO Global, SBI aims to enhance customer experience for all its global customers, especially NRIs. For instance, Indians travelling abroad to work or study can open a Non-Resident account from India itself through YONO app and seamlessly use it in the country they are migrating to.
The Bank has reached another milestone by engaging with 18 million followers on Facebook and 0.24 million subscribers on YouTube, which is the highest amongst Banks worldwide.
As India's largest bank, SBI is ensuring that it takes along every customer on its transformative journey as a digital bank not only in India, but globally.