As the digital economy flourishes, SBI is embracing and evolving a digital business model and has grown its technology and channel platforms proportionately.
India is rapidly advancing towards becoming a first world nation, and today, it is focusing on new opportunities such as Digital India, Smart Cities, BharatNet etc. As a result, Indians are increasingly using the internet, social media and their smart phones to do their banking. They are increasingly demanding an end-to-end experience and greater consistency when doing their banking via their mobile, iPad, or even a PC. Similarly, corporates, SMEs and public institutions are leveraging the Internet to conduct their business more efficiently and economically. New “disruptive” businesses are altogether re-defining how people go about doing routine chores. Not to be left behind, millions from rural India have become more financially literate and are using the formal banking system to have a more direct relationship with their money and social benefits. With an economy that is growing steadily and surely, India is certainly on the Go!
As the largest bank in India, we are integral to thousands of commercial entities and millions of personal lives. As the digital economy flourishes, SBI has grown its technology and channel platforms proportionately, and in some cases, ahead of the curve. At SBI, we know that we have to bring banking to the fingertips of our customers. We realise that modern banking is about enabling our customers to have a meaningful relationship with their money. They wish to transact more quickly, accurately and efficiently than ever before. And we have always evolved with the times to embrace new consumer attitudes and be aligned as a “Smart” Bank with the service levels that an “India on the Go!” demands.
Going forward, we foresee an unprecedented growth in data, driven by the latest trends in mobility, social media, cloud and analytics. At SBI, we are embracing and evolving a digital business model and with an eye on the future. The various digital platforms we have created, position us well to set new benchmarks and to keep our customers always connected, always on. As a fully committed adopters of the digital medium,nn we are confident of remaining highly competitive, relevant and well positioned trend setter for the industry.
It was with this spirit that, last year, we talked about how we have become “Bankers to Digital India”. In continuation of that journey, we have made significant technological advancements and adoptions in FY2016. Aptly, our Annual Report is dedicated to the many milestones we have crossed, to become a “Smart Bank, for India on the Go”.