The State Bank of India on Tuesday launched 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.
These branches, named sbiINTOUCH, will facilitate services such as instant account opening with personalised debit cards, instant loan approval for car and home, remote expert advisors available via video links, along with interactive walls and table displays.
Besides Delhi, where sbiINTOUCH branch was inaugurated by Finance Minister Arun Jaitley, the other such branches are located in Mumbai, Bangalore, Chennai and Ahmedabad.
"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," Mr. Jaitley said.
He expressed hope that other banks would follow suit by opening such branches.
“India is in the midst of a major demographic transition and we recognize that our customers increasingly expect digital services to help them manage their financial needs," State Bank of India Chairperson Arundhati Bhattacharya said.
sbiINTOUCH branches are primarily targeted at servicing the youth in the country. "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. 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," she added.
The bank has engaged Accenture to develop the digital business strategy for its programme.
“Accenture helped SBI in designing the branch layouts, implementing the digital processes and technology at the branch, and providing back-end integration including employee training,” Piyush Singh, Managing Director and head of Financial Services, Accenture, said.
Meanwhile, speaking to reporters on the sidelines of the event, Ms. Bhattacharya said there is no magic wand to deal with bad loans, which rose to Rs 61,605.35 crore at the end of March, 2014.
"We are seeing some lessening of stress but...there is no magic wand, we have to work through our way. As the GDP goes up, demand goes up, the capital market will begin to respond, people are able to raise equity, we will see things becoming better,” she said.
