In a bid to increase its portfolio, SBI Cards plans to introduce four new products this fiscal. The second largest credit card issuer promoted by SBI, with 74 per cent stake, also intends to increase the number of card holders and bring down the delinquency rate to 1.9 per cent in 2018-19.
Currently, the delinquency rate is around 2 per cent in line with the industry, SBI Cards Managing Director Hardayal Prasad told PTI.
“Going forward, we will be launching few innovative products -- minimum 4 products, including co-branded card,” he said.
Last year, SBI Cards had launched four products, including a Doctor’s SBI Card. Prasad said that the company is issuing Rs 2 lakh new cards every month and the trend is likely to continue in the months to come. As on June 30, 2018, the total number of cards issued stood at 6.59 million.
To improve customer experience, the company has recently launched ELA (Electronic Live Assistant), a virtual assistant for customer support and services. Driven by Artificial Intelligence and Machine Learning, ELA is designed to enhance customer experience by providing relevant and instant response to customer queries.
Customers can communicate with ELA in conversational language, enabling easy interface along with prompt query resolution. The virtual assistant is currently hosted on the SBI Card website and will soon be integrated on the mobile app as well, he said.