SBI to go digital by 2020

The State Bank of India wants to bring its 44.7 Crores customer-base on mobile banking and digital wallet platforms as part of the 2020 digital transformation strategy. The strategy involves digitizing processes, implementing green banking and upgrading to offer speedy services to customers.

"Digitisation will help customers carry out banking using self-service available on omnichannels at any time of their busy day," said SBI's CTO Shiv Bhasin.

The bank also plans to declutter its branch network which currently stands at over 16,415. It’ll spend over Rs 200 Crores to upgrade its network to improve its customer service. It plans to convert all its network circuits to 2 mbps from the current 64 kbps to eliminate network outage in the remotest areas.

The bank plans to open 250 SBI Intouch branches which offer instant savings bank account opening and personalized debit card service in 12-15 minutes.

All processes implemented in 2015 will be suitable for the multifold transaction volume projected for 2020.

Image credit: Indiatimes