State Bank of India : Changing with the times
SBI is the country’s largest bank providing financial services through its wide network of branches and has always been in the forefront in adopting emerging and innovative technology solutions. The technology initiatives are aimed at improving customer convenience, employee productivity, automating tasks reducing costs, improving sustainability and promoting green banking. It is providing solutions having advanced technologies at heart such as Artificial Intelligence, Natural Language Processing, Blockchain, Advanced Analytics, Robotics, etc.
CHAPDEX
Being the Bank with the largest number of brick and mortar branches in India, several initiatives have been taken to improve the branch ambience and customer experience.
CHAPDEX, an acronym for ‘Customer Happiness Index’, is one such initiative to reflect upon the service provided by the branch tellers. This application is developed in-house by SBI’S Innovation Cell on cutting edge technologies such as AI/ML, Chatbots, etc.
CHAPDEX is a non-intrusive, automated customer feedback mechanism to evaluate the customer satisfaction level at the branches. CHAPDEX won the FINNOVITI 2020 award.
VIDEO KYC
Recent amendment of KYC norms by RBI permits Banks to use Video based Customer Identification Process (VCIP).
SBI has already initiated steps to enable a live video session with their customers wherein, Bank official can capture a photograph of the customer and his OVD along with obtaining the exact location and device details. Currently under testing, the bank is planning for a pan-india rollout. The facility will be made available through YONO and Yonolite apps of the Bank.
Pension Seva
State Bank of India is the largest pension disbursing Bank with more than 57 Lakh pensioners. SBI is the first Bank to launch an interactive website (https://www. pensionseva.sbi) specifically for pensioners in India that facilitates them to view / check their pension related details. Pensioners can avail this facility by one time registration of their email ID in the Pension application at pension paying branch. Once email ID is updated, the pensioner can register in the Pension Seva website.
FASTAG
SBI entered this market in 2016. Four years later, with over a million customers, SBI remains a key player. SBI’S FASTAG portal https://fastag.onlinesbi.com helps potential customers to find agents who will deliver SBI FASTAGS to their doorstep. Post onboarding, it has facilities for recharging the fast-tags, view statements etc.
FASTAG is not going to remain a single use toll collection TAG for long. With other integrations like the experimental car parking facility in Hyderabad airport etc. this TAG might become the future of Indian mobility.
VAN Based Collection
SBI’S Virtual Account Number (VAN) is an alpha numeric code which can be linked to actual 11-digit account number of a Corporate customer of SBI. The code masks the actual account number of the Corporate and can be safely shared by the Corporate with their payers to enable them to deposit funds in Corporate’s accounts using VAN instead of actual account number.