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State Bank of India (SBI), with a rich legacy spanning over 217 years, is the country’s largest commercial bank, playing a pivotal role in shaping India’s banking landscape. In recent years, SBI has embraced digital transformation, aligning with the government’s vision of a digitally empowered nation.

The evolution of SBI’s digital journey mirrors the rapid advancements in technology. Beginning with the installation of computers in branches during the 1990s, SBI gradually embraced Internet banking in 2001, followed by the monumental shift to core banking in 2003. This journey culminated in SBI becoming the fifth most popular Internet banking site globally by the end of the decade.

Recognising the changing preferences of customers, particularly the tech-savvy millennials, SBI launched ‘YONO’ in 2017—a revolutionary platform integrating digital banking with lifestyle services. YONO serves as a financial superstore, offering a wide array of banking, insurance, mutual funds, and lifestyle products on a single platform. With over 68 million customers, YONO has redefined the banking experience for retail consumers.

Moreover, SBI’s commitment to digital inclusivity extends beyond urban centers to rural areas, exemplified by ‘YONO Krishi,’ a comprehensive solution catering to the needs of farmers and agricultural entrepreneurs. Available in over 10 vernacular languages, YONO Krishi provides financial services, agricultural advisories, and an open marketplace for farm inputs, fostering financial inclusion in rural India.

SBI’s digital initiatives have not only enhanced customer experience but also streamlined internal operations. The bank’s robust core banking systems handle over 250 million transactions daily, ensuring seamless service delivery to its vast customer base. Moreover, SBI has invested in cutting-edge technologies like private cloud infrastructure and data centers fortified with stringent security measures to safeguard customer data.

In line with the government’s push for a digital economy, SBI actively participates in initiatives like ‘JAM Trinity’ (Jan Dhan-Aadhaar-Mobile), leveraging Aadhaar integration and digital lockers to facilitate seamless transactions. Additionally, SBI has embraced emerging technologies like Central Bank Digital Currency (CBDC), piloting initiatives to integrate CBDC with existing payment ecosystems like UPI.

SBI’s commitment to digital innovation extends to collaboration with fintech and startups through initiatives like the API Hub, fostering an ecosystem of innovation and collaboration. By making APIs accessible for integration, SBI empowers developers to create innovative solutions that enhance customers’ banking experiences.

Furthermore, SBI’s digital transformation is not limited to retail banking but also encompasses corporate banking, with initiatives like ‘YONO for Business’ providing comprehensive digital banking solutions to corporate clients. Through API banking, SBI enables seamless integration of ERP systems, streamlining corporate banking operations.

In the realm of government banking, SBI’s digital platforms facilitate efficient collection and payment mechanisms for government entities, contributing to the nation’s digital governance agenda.

As SBI continues to evolve digitally, it prioritizes workforce reskilling and upskilling, ensuring that employees are equipped with the necessary skills to navigate the digital landscape effectively. The establishment of IT institutes underscores SBI’s commitment to building digital leadership within the organization.

In conclusion, SBI’s digital journey epitomizes its commitment to innovation and customer-centricity. By leveraging technology and fostering a culture of innovation, SBI is transforming its operations and catalyzing India’s journey towards a digital future. As the banking sector continues to evolve, SBI stands poised to lead the charge towards greater financial inclusion and digital empowerment in India.

Views expressed by: Purvang N. Shah, Chief General Manager (Channels & Operations), State Bank of India, at the 12th eGov Knowledge Exchange Summit, held on October 20, 2023, in Thiruvananthapuram, Kerala.

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