The country’s largest lender State Bank of India will take the lead among state-run lenders to launch branch-less banking called SBI Digi Bank, something similar to what in India DBS started its DigiBank by DBS
“We are working on a digital-only bank where no individual will be visible to the customer and all transactions will be done with the help of apps, internet banking and mobile banking,“ said the banker.
About SBI Digi Bank
As per the SBI its Digi Bank will have a financial superstore, a market place and end-to-end digitisation for all available products and services of state bank of india. It is expected that the initiative will be live within next couple of quarters. SBI is preparing to launch its own version of digital-only bank in the next 3-6 months.
“It will be an omni-channel, omni-device digital bank which will be available to both new and existing customers.”
Digital Push in the Banking Sector
As government is pushing digital transactions and various initiatives are also taken by the bank in last few months. HDFC have started its fully functional digital banking for SME’s. Yesterday we’ve seen the launch of announced helpline 14444 for digital payments.
With this new digital push a mobile app will become the bank for the customer and there would no need to physically visit bank. SBI proposing the financial superstore which will have products like opening of current and savings account, term deposits, loans, insurance and mutual funds. In addition to this bank also planning to offer personal financial management solutions to its customers.
As PayTM also starting its Payment bank business from Noida, it will be tough business competitor for Payment Banks tool."Soon you can bank Branchless with SBI; SBI to opt branchless business with Digi Bank",