The Indian banking industry has, over the past 12 to 18 months, witnessed a surge in digital initiatives. As banks seek to leverage technological advancements to differentiate themselves, attract customers and improve efficiency, they are launching innovative products, from mobile banking apps and social media banking to video banking and digital wallets.
Last year, in an effort to target new-age customers, India’s largest bank, State Bank of India (SBI), launched digital branches in a few cities. It was a radical move away from the bank’s traditional no-frills approach of providing banking services to the vast swathe of India’s population. Encouraged by its digital experience, SBI is now planning to extend its digital footprint to other cities and target all customers. “Digital is a key focus area for us this year,” says Arundhati Bhattacharya, SBI's chairperson.
