sbiINTOUCH: State Bank of India (SBI) launches six digital banking branches.
Country’s largest lender the State Bank of India (SBI) on July 1, 2014 launched six digital branches -sbiINTOUCH – across the country as part of its programme to offer next generation banking solutions to the growing mobile phone and internet savvy customer base.
Finance Minister Arun Jaitley inaugurated the sbiINTOUCH in Delhi. Other such branches are located in Mumbai, Bangalore, Chennai and Ahmedabad. The bank is also planning to open digital branches in Kolkata in some point of time.
sbiINTOUCH branches 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.
“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.
Last month, private sector lender IndusInd Bank has launched video-branch that offcers customers to do a video-conference with a bank staff 24×7.