Banking & health services on a single card
Enabled by a tie-up between SBI Cards & Apollo Hospitals
SBI Card, India’s second largest credit card issuer, and Apollo Hospitals Group, the leading integrated healthcare services provider, have joined hands to launch the Apollo SBI Card. While SBI Card offers best in class cashless payments solutions to consumers across the country, Apollo Hospitals has over 10,000 beds across 71 hospitals, 3000 pharmacies, 90+ primary care and diagnostic clinics, 110+ telemedicine centers and 80+ Apollo Munich Insurance branches spanning the length and breadth of the country.
HEALTH SPENDS GROWTH 30%
Increasing health consciousness with focus on overall wellness is a growing trend among Indian consumers across ages, making health and wellness one of the fastest growing segments at present, with penetration of healthcare into untapped markets. It is contributing to increased demand for healthcare. India has a young population and as this population ages, demand for healthcare is set to rise further. Consumer spends on health and wellness are on the rise. Hardayal Prasad, MD & CEO at SBI Card, says: “The Apollo SBI Card is the country’s first co-branded credit card in healthcare segment. In our portfolio, we have observed health and wellness spends have been growing 30% yoy over last few years. With this card, we bring our consumers a powerful, comprehensive product that takes care of their healthcare needs at all stages of their lifecycle.”
SBI Card has witnessed yoy increase in spends share from 12% to 16% plus as of 2017-18. During the financial year, spends have increased by over 80% against the industry benchmark of 40%. Hardayal Prasad says the company has maintained over 40% CAGR in card spends, yoy over past 4-5 years, while the industry benchmark is at 20-25%.
The new card is designed to bring consumers accelerated savings and maximum value on their health spends. Consumers earn accelerated rewards on health spends in the Apollo ecosystem, which can be instantly redeemed at Apollo health centers. Hardayal Prasad claims that cardholders also enjoy complimentary OneApollo membership which brings benefits such as exclusive savings, discounts and complimentary services across various Apollo offerings. “We look forward to significantly increase customer acquisition in the health segment, with the Apollo SBI Card,” he adds.
Currently, SBI Card base is at 6.8 million (as on August 2018) and market share, in terms of card volume, has risen to 16.7% in 2017-18 from 15% a year ago.
According to Sudhakar Nukala, CEO, OneApollo Digital, the exclusive tie-up with SBI Card is for the next 3 years.The target is to reach 4 lakh cards of this particular co-brand in next 12 months.
TECH LANDSCAPE AT SBI CARD
As one of the country’s leading credit card issuers, SBI Card is participating in the Digital India vision and accelerating India’s transition into a less cash economy. Focused investment in technology to develop innovative, industry leading payments solutions and to enhance overall customer experience have been its key growth pillars. It is one of the first credit card companies that issued contactless credit cards or NFCenabled credit cards.
The company has led the industry in deploying the latest technologies, such as chip and PIN technology, to ensure safety of its consumers. Hardayal Prasad claims: “Almost our entire portfolio is now on Chip and PIN. We are in the process of integrating contactless feature on all our new cards, to make the payment experience faster, smoother and more secure. We are also integrating host card emulation technology which will allow the card to reside in virtual form in a consumer’s mobile. This will enhance ease and security of transacting as customers need not carry a physical card and the card never leaves the customers’ wallets.”
ExPLORING USE OF AI
With continuous investment in technology, both at the back end and at consumer/ employee facing touch points, SBI Card looks forward to consistently enhancing user experience to make life simple for its stakeholders. Hardayal Prasad says the company is exploring and implementing use of AI in the business to offer a more personalized and seamless consumer and employee experience through use of technology tools such as chat bots and Robotics Process Automation. “We have recently launched ELA (Electronic Live Assistant), a virtual assistant for customer support and services. ELA is designed to enhance customer experience by providing relevant and instant responses to customer queries,” he adds.
(L to R) Dinesh Khara, MD, Global Banking & Subsidiaries at SBI; Rajnish Kumar, chairman, SBI; Shobana Kamineni, executive vice chairperson, Apollo Hospital and Hardayal Prasad, MD & CEO, SBI Card