SBI Eyes Top Slot in Mobile Banking with Focus on Corporates

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Country's largest lender State Bank of India (SBI) today said it has chalked out a plan to give thrust to its mobile banking channel and exuded confidence that it will soon emerge as a top player in the segment.

SBI Eyes Top Slot in Mobile Banking with Focus on Corporates

"What has happened is that our corporate Internet banking was not available on mobile. Now we will soon launch it. And, as soon as this corporate Internet banking comes on mobile, we will catch up with the number," SBI chairperson Arundhati Bhattacharya told reporters here today.

She hoped that the bank will reach at the top slot before the end of this year. At present, with a slew of offerings, private lender HDFC Bank tops in mobile and online banking space.

Bhattacharya said the lender ranks at top in mobile banking in terms of number of transactions done but in terms of volumes it is still at third or fourth position.

"The reason is we are only getting the retail customers on to the mobile. The moment the corporate Internet banking starts happening on mobile, these numbers (transaction volumes) are definitely going to go up exponentially.

"We have a plan as to how we need to take a leadership there and we are confident that soon it will happen," she said. The bank today signed a memorandum of understanding with, the online travel company, for identifying areas of co-operation to expand the market for online travel services in the country.

"Our alliance with MakeMyTrip will work towards providing value to each of the stakeholder along the entire value chain of travel and tourism business, starting from hotels, travel agents, tour operators besides the end-consumers and our customer-base," Bhattacharya said.

MakeMyTrip chairman and group CEO Deep Kalra said, "The key lever of future growth will be offline-to-online, or rather, offline-to-mobile shift.

"We believe our association with SBI, the trusted banker for millions of Indians, will help catalyse this shift and bring us closer to our target set of consumers." 


Read more about: sbi, mobile banking
Story first published: Wednesday, July 1, 2015, 12:36 [IST]
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