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As part of its strategy for the year 2020-21, State Bank of India (SBI) is undertaking structural changes and new initiatives aimed at achieving 7 per cent growth in deposits and 11.5 per cent growth in whole bank advances.
According to policy guidelines issued by SBI Chairman Rajnish Kumar, the bank is planning to create a separate financial inclusion and micro market vertical which is slated for pan India launch (excluding Thiruvananthpuram) on May 1.
SBI is also planning to convert some of its existing branches into YONO branches. YONO is SBI’s digital app that is currently accessed by customers via the mobile phone and the internet.
To begin with, two branches — the Palm Beach Road branch (Navi Mumbai) and the Golf Course Road branch (New Delhi) — will be converted into YONO branches. The branches will be ready for the pilot at the start of FY2021.
These branches will have a self-service zone, a customer service area, a sales and advisory zone, cash counters and customer service executives. Some of these branches will also have an ‘event zone’ inside branch.
Based on the performance during the pilot, more YONO branches will be rolled out, SBI Chairman Rajnish Kumar said in a recent communication to employees.
Launched in November 2017, YONO offers banking, insurance, and investment products, as well as host of other services such as online shopping, travel planning, taxi booking, online education, and offline retail. It has crossed 3.35 crore downloads, with average daily logins of around 50 lakh.
Process rationalisation
To further improve customer experience at the branch, India’s largest bank is planning to rationalise some of the processes.
It is considering changing the way the branches are working by having a re-look at various processes considering services rendered, business level, footfall and number of vouchers processed.
“We are identifying activities/processes that can be centralised and identifying initiatives for branch activity rationalisation so that the branches can focus on what they are supposed to do — providing excellent customer service delivery,” Kumar said.
As a corollary to the above and to optimise operational and audit effectiveness, a project to digitise registers at branches has been taken up by the bank.
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