Sbi Arms To Have Common Portal
The State Bank of India (SBI) has drawn up plans to integrate all its subsidiaries on a common website so as to facilitate cross-selling of products and services.
"A long-term infotech strategy has been drawn up and we are in an advanced stage of finalising core banking solutions," chairman Janki Ballabh said.
As part of its retail thrust, the bank intends to fully leverage on information technology to ramp up volumes through value-added services, achieve operational efficiency and focus on all client categories, especially customers in the younger age group.
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Call centres, ATMs and self-service terminals, internet, mobile banking, e-commerce and e-cash/smart-cards are the other planks of the bank's infotech strategy.
Its technology plan for enhancing customer service includes setting up 263 ATMs across the country and 360 Vsats linking up 130 centres. Thus far, the SBI has networked 100 ATMs across eight major centres.
Ballabh emphasised that commercial banks that market a wide-array of products through diverse channels by targeting specific customer groups rather than treating products as homogenous commodities will come out winners.
"Given this background, the SBI is re-aligning its business strategies in accordance with the dynamics of change that will help it retain edge over competitors," he said.
"The bank is consolidating its strengths by opening exclusive housing finance branches, besides over 500 branches especially identified for an intensive thrust in housing finance," he said.
The bank will also pay more attention to cutting costs, increasing volumes, fee-based incomes and introducing new and customised products.
Ballabh said the technology initiatives and employee severance plan would help reduce its expenses ratio.
The bank is also looking at professionaling the management at SBI Capital Markets and SBI Asset Management Company.
The subsidiaries would also scout for strategic foreign partners so as to enhance their capabilities in cross- border deals, product innovation and delivery.