We are committed towards transforming into a fully-digitised organisation, supported by technologically advanced backend operations.

In order to provide better value to our customers, we have enhanced our digital banking platform and have changed our processes to reduce costs and enhance our productivity. We are committed towards increasing the share of digital initiatives in products, services and transactions, supported by technologically advanced backend operations.

Today, a differentiated and delightful customer experience has become more important than just providing banking services. We have empowered our customers to fullfil their banking needs through multiple channels of banking. Depending on individual preferences and access, we have given our customers the ability to move away from conventional cash and branch based banking towards new-age technology oriented internet and mobile based banking solutions.

Furthermore, with the evolution of technology, branch banking has become less cost effective when compared to the newer digital channels. At SBI, after recognising the need to embrace all available digital channels, we have succeeded in gaining an impressive presence across all platforms. We have worked on deploying multiple innovative technologies and are in the process of offering a range of newer digital services. Millions of merchants are realising the advantage of collaborating with SBI. Most recently, SBI has enabled its customers to make digital collections through SBI Pay (a mobile based payment solution), which rides on the Unified Payment Interface (UPI) system of National Payments Corporation of India (NPCI) and State Bank Buddy, which can be integrated with any corporate’s payment interface.

Moreover, the Government’s drive towards demonetisation has given a strong push to the popularity of digital banking. SBI aims to be the banker to digital India and has been at the fore-front of all digital initiatives in the banking space. Post demonetisation, our digital initiatives have helped millions of Indians to adapt to easier, faster and safer ways of going cashless. Demonetisation has deeply impacted the volume of our digital transactions, recording significant growth since November 2016.

Digitisation has helped to take control of the customer-experience ecosystem by managing the business processes from the customers’ perspective. With the increasing use of technology enabled devices, and in order to catch up with the increasing expectations of the world, the extensive digitisation of our backend processes is inevitable. As a result, we have earmarked several more processes for digitisation in the near future.

With this digital structural change, we are redesigning our business development model. By strategically connecting businesses with the vast amount of data that is available to us, we plan to build clear and predictive insights into our customers’ evolving needs. Going forward, we are in the process of leveraging the CRM tool to use analytics and intelligence around data from FY2018.

We believe that these digital tools and technology can completely transform the distribution reach of SBIs banking services and the banking cycle time in general. The benefits are immense: By digitising information-intensive processes, costs can be reduced significantly and turnaround times are improved remarkably. These efforts are expected to positively impact the efficiency and productivity of our Bank, and are essential for being an enduring value creator.