At State Bank of India, we place our customers at the centre of everything we do. We do this by listening to them attentively, and by customising our products and services to address their ever-evolving needs. With a preeminent leadership position in the marketplace, we are continuously investing and innovating to keep raising the bar in customer service and experience.
Over recent years, we have launched numerous digital initiatives that have redefined our customers’ banking experience. Today, we have a well-placed multi-channel delivery model, which offers our customers a wide choice in how they can carry out their transactions, at any time and any place.
We serve a diverse variety of customers that come in all shapes and sizes. At one end of the spectrum, we serve small and large global customers, across the entire spectrum of their banking requirements. At the other end of spectrum, we serve agricultural and small & medium-sized businesses throughout India, by providing them with financing options and necessary solutions to thrive. In between, we serve the fast-growing middle-class population of India for a variety of their individual financial needs.
The dynamic customer preferences, especially of the younger population, coupled with an increased focus on enhanced customer convenience, are transforming the retail banking landscape. The retail and digital banking group is our largest business vertical constituting 94.31% of our total Domestic Deposits and 58.14% of total Domestic Advances, as on 31st March 2020. We have continued to lead the market in the home loans segment by registering a market share of 30.80% amongst all the ASCBs. Besides this, we have launched multiple new activities, such as the introduction of a consolidated processing fee for our home loan customers and digitalised vendor verification module, which should help us in faster verification. All our endeavours are directed towards making State Bank of India the ‘Choice of Customers’ for home loan products, with an emphasis on sustainable growth. Today, we have 36 lakh satisfied home loan customers, and adding many more each day.
We continue to be at the forefront in the digital banking domain with a steady stream of technology-driven innovations. Over the last couple of years, we have launched numerous digital initiatives that have redefined our customers’ banking experience. Today, we have a well-placed multi-channel delivery model, which offers our customers a wide choice in how they can carry out their transactions, at any time and any place. In FY2020, we increased our offerings across multiple channels – digital, mobile, ATM, internet, social media and our branches, to ensure the seamless delivery of our products and services.
When it comes to Agri financing, State Bank of India is a pioneer and market leader. From ‘Farm to Plate’, we have a solution to match any financing need within the entire value chain of the agricultural economy. Similarly, we view Small and Medium Enterprises (SMEs), as a critical segment of our business, considering their contribution to India’s GDP and the role they play in the development ₹4.56 lakh crore Home Loans Portfolio of your Bank 36 lakh Satisfied Home Loan Customers of the economy. To help sustain India’s transformation, we have established the highest number of touchpoints across the country within the industry, in terms of our own branch network and through other third party channels. To enhance the ease of doing business for SMEs, we have initiated a new delivery model by establishing Asset Management Teams (AMTs), so that we may be able to maintain an end-to-end relationship with customers taking loans under ₹50 lakh. By strengthening and improving the quality of workforce in this area, we have significantly improved our service level to SMEs.
Our customers’ faith and trust in the SBI franchise is fundamental to growing the scope of our relationship with each customer. As a banking powerhouse, we understand the value of cross-selling and gaining a larger wallet-share of our existing customer base. Our customers also benefit by having greater access to a myriad of financial solutions under our roof. Through our vast branch network, spread across the length and breadth of the country, they can access multiple financial solutions, such as Mutual Funds, General Insurance ,Life Insurance, Credit Cards, National Pension System and Demat Accounts.
To ensure uninterrupted service and convenience, we have established an online Complaint Management System (CMS), where our customers can lodge their complaints, feedback and suggestions online through our website, www.sbi.co.in. In addition to this, our contact centres operate 24*7*365 in different geographical areas, servicing our customers in Hindi, English and ten other major regional languages. We have also established an internal contact centre with our staff for escalating any issue beyond the purview of our regular contact centres, to ensure a better customer experience.
₹4.56 lakh crore
Home Loans Portfolio of your Bank
36 lakh
Satisfied Home Loan Customers
At the other end of spectrum, we serve agricultural and small & mediumsized businesses throughout India, by providing them with financing options and necessary solutions to thrive.