Indian Banking Goes Agnostic

The country’s largest lender State Bank of India will take the lead among state-run lenders to launch branch-less banking called SBI Digi Bank, something similar to what Citi or DBS have done elsewhere in the world, reports Times of India. The Digi Bank will have a financial superstore, a market place and end-to-end digitisation for products and services. Customer transactions will be done with the help of apps, internet banking and mobile banking,” said the banker. “It will be an omni-channel, omni-device digital bank which will be available to both new and existing customers.”

The digital-only bank, which will be device-agnostic, will use the Aadhaar infrastructure for not only onboard customers but also provide them services online. “So there will not be any paper, we will onboard customers online using e-KYC and all services will be provided digitally,” the banker mentioned above said. “Completely zero assisted mode may not be possible initially, so there could be couple of our people who will help customers in our InTouch branches.” SBI InTouch is the bank’s state-of-the-art Digital Branch which facilitates instant opening of accounts, printing and issue of personalised debit card, and expert advice on investment through video-conference. The financial superstore will have products like opening of current and savings account, term deposits, loans, insurance and mutual funds. The bank also plans to offer personal financial management solutions to its customers.

SJP @DigitalAsian - ShareYaar

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