State Bank of India (SBI) is reportedly planning to launch a brand new app by the end of November, 2017. According to senior officials, this new app will be the foundation for all future digital offerings at SBI and will not be limited only to banking services. There will be services and products that go beyond the basic banking blueprint and will cover offerings from associate organizations too. For example, customers can easily track mutual fund performances, check details of credit cards, get their SBI Life insurance policies easily or even shop online while handling their demat accounts at the same time as per officials.
Authorities also feel that 78% of all banking transactions are now taking place outside of the branches. Customers of banks are now switching to ATM usage and are increasingly conducting their transactions via PoS (point of sale) machines, mobile phones and the internet according to senior banking personnel. SBI has also witnessed lower growth in terms of corporate credit and it should be a little lower in comparison to the previous year. However, there is abundant growth witnessed in case of retail banking and it already accounts for a whopping 55% of SBI loans.
The bank is also tying up with several startups with regard to offering funding for their services/products or even assisting them with product development. An advisory cell for SMEs has already been set up in Hubli which is similar to the advisory cell for start-ups in Bangalore. This new SME cell has been established in collaboration with the Deshpande Foundation. This new app will simplify banking and a wide range of other financial services and transactions according to experts.