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SBI Turns to Digitization to Improve Cost Efficiency
December 01, 2017
India’s largest lender State Bank of India is banking on the digitization of its back-end processes as well as the customer interface to give a boost to cost efficiency.
SBI chairman Rajnish Kumar said that the bank’s digital approach has two goals- to improve the cost efficiency, and to offer new and innovative products to the customers.
SBI has 43 million Internet banking users, 12 million e-wallet users, and 26 million mobile banking users. However, these make for only 20% of its entire retail customer base.
The bank has spent about 4,000 crores on technology in the current fiscal so far. Observing the trend, it’s likely that the figure will increase further with the time to come.
