State Bank of India (SBI) is planning to undertake a major overhaul in branch formats and open new digital branches to target young customers.
SBI chairperson Arundhati Bhattacharya said: "We are going to convert quite a lot of our branches. The entire branch network is undergoing a transformation. So, there will be changes in the branch format, changes in the branch location as well depending on the need and where the habitation is moving.
Go deeper with GlobalData
"It will be well-thought-out based on the clientele in that segment and their needs."
She revealed that the bank is planning to launch around 250 Intouch Lite branches in the fiscal year 2016 as a part of its digital push.
Intouch Lite is a lighter version of the bank’s full-fledged digital branch, differing only by way of a smaller screen size.
These digital outlets offer multiple services like instant account opening, instant issuance of debit card, live interaction with experts, opportunity to buy financial products and home loans under a single roof, Bhattacharya added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe bank commenced its digital journey in July 2014, launching a large number of online products, collaborations and MoUs with e-commerce players.
