SBI has thrown itself energetically into the digital age with the launch of a network of digital branches with the aim of appealing to the youth and mass affluent segment. The ambitious project incorporates a sub-brand and outlets in premier locations in key city shopping centres. Douglas Blakey reports
State Bank of India (SBI) has opened six digital branches across the country as part of its programme to offer next generation banking solutions to the growing mobile phone and internet savvy customer base.
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India’s largest bank by all metrics has an existing branch network of around 13,000 outlets. The thinking behind the launch of the digital branches is part of a drive to develop a sub-brand – sbiINTOUCH -to capture the imagination of Indian youth by offering a more modern and digitally innovative service.
SBI engaged allen international and Accenture to design the sbiINTOUCH branch layouts, implement the digital processes and technology at the branches and provide back-end integration including employee training.
Allen international chairman Michael Allen told RBI that the design and implementation project was undertaken successfully within a three month timetable.
Piyush Singh, MD and head of Financial Services, Accenture, said: "Today, more than half of India’s population is under the age of 25. By 2020, India’s average age will be just 29 years – this is a digital demographic: one that expects businesses to provide solutions immediately.
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By GlobalData"At the same time, the mass-affluent – no matter what their age – have similar expectations. These branches are a first step in the journey to offering full digital services across the nation."
The branches, located in Delhi, Mumbai, Bangalore, Chennai and Ahmedabad, incorporate interactive LCDs mounted on walls and are designed to help SBI customers to map out their financial plans.
Services include instant loan approval, assistance in choosing investment portfolios and mutual funds information as well as instant card issuance.
The branches also feature access to remotely based SBI advisors by way of video conferencing.
"InTouch is the start of SBI’s Digital journey," said S K Mishra, deputy managing director, SBI.
"This is our attempt to put our brand in touch with the dreams of the aspirational customer. It’s a deep rooted transformation that has three aspects: a transformation of the customer experience we deliver; introduction of device centric technology that is at the forefront of our global peers; and transformation of the behavioural model of our staff-base to be even more customer centric."
Indian Finance Minister, Arun Jaitley,speaking at the launch of the Delhi outlet, said: "With the innovative technology and user-friendly features at the digital stores, SBI has led the way in digital innovation in the Indian banking industry."
In the week following the opening of the first digital store, the bank attracted a record 17,746 views on its YouTube page evidence said the bank of the huge interest in the innovative concept and new sub-brand.
"We are thrilled by the spaces and customer experiences we have developed together. We are excited to help shape how sbiINTOUCH customers will interact with the brand and it’s offer in a totally new way in the future," Richard Benson, design director allen international, told RBI.
"This has been both a challenging and exciting project to work on, challenging because we completed the design and implementation of six digital branches in 3 months and exciting because we have enabled State Bank of India to be the first bank in India to provide state-of-the-art digital services to their customers," concluded Michael Allen.
