Accenture provides digital strategy
New Delhi, July 1, 2014: Wraparound full page advertisements in major Indian newspapers in India, this morning announced that the nation's largest bank - State Bank of India -- was going digital all the way, to appeal to the growing mobile phone and internet-savvy customer base, in 6 cities across the country.
Its new branches, branded as sbiINTOUCH, are equipped with interactive wall and table displays; remote experts that can be reached instantly via high-definition videoconferencing; and multi-function kiosks that provide services such as instant account opening with personalized debit cards, and instant in-principle approvals for home, auto or education loans. The branches are located in major metropolitan areas across India, including Mumbai, Delhi, Bengaluru, Chennai and Ahmedabad.
The bank engaged tech services and outsourcing leader, Accenture, to develop the digital business strategy for its branch program, which features a range of advanced digital banking capabilities, including instant account opening with personalized debit cards, instant loan approvals for car and home loans and remote expert advisors available via video links. Accenture helped SBI in designing the branch layouts, implementing the digital processes and technology at the branches, and providing back-end integration, including employee training.
Says SBI Chairperson Arundhati Bhattacharya: “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. 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. Indian banks need to provide a strong response to these new demands. These branches are a first step in the journey to offering full digital services across the nation.”
Added Piyush Singh, Managing Director and head of Accenture's Financial Services operating group in the country: “India has an opportunity to become a world leader in digital banking services, and we are pleased to collaborate with the leadership team of the State Bank of India. By putting technology at the heart of their business strategy, India's largest bank will be at the forefront of the global digital revolution that is transforming banking.”