Mobile banking may become most preferred mode: SBI chairman

By: |
Published: July 23, 2020 2:00 AM

The SBI chairman reiterated that the bank is working for the work-from-anywhere (WFA) infrastructure. He had said at the annual general meeting of the bank that the lender wanted to make savings of Rs 1,000 crore from WFA.

SBI is using the Covid-19 pandemic as an opportunity to focus on technology and the digital banking channel.SBI is using the Covid-19 pandemic as an opportunity to focus on technology and the digital banking channel. (Representative image)

State Bank of India (SBI) chairman Rajnish Kumar expects mobile banking to be the most preferred mode in coming days, and said those who do not invest in technology will not be able to survive.

Speaking at the Global Fintech Fest, he said out of 100 transactions, only 9 are happening in branches at present. “The transactions at automated teller machines (ATMs) have come down to 30-32%, from 55% at the time of demonetization,” he said. Similarly, the digital and mobile banking transactions have gone up to 55% now, from 25-30% earlier.

“Going forward, it is going to be internet and mobile banking, and more of mobile than internet banking,” he specified while talking about banking in future. He said any institution or bank which is not investing enough resources both in manpower and the latest technology will not be able to survive. However, equal attention should be given to the security aspect, he added.

The SBI chairman reiterated that the bank is working for the work-from-anywhere (WFA) infrastructure. He had said at the annual general meeting of the bank that the lender wanted to make savings of Rs 1,000 crore from WFA.

SBI is using the Covid-19 pandemic as an opportunity to focus on technology and the digital banking channel. Kumar had said the mobile banking app of the bank, YONO, had already achieved a sizeable growth and the bank wanted to scale it further. “Bank will further scale up YONO and has set a target of doubling user registrations in the next six months,” Kumar said, adding that SBI will further strengthen the platform through new product offerings like end-to-end home loans, pre-approved car loan and personal gold loans.

The bank will also use technology in non-performing assets (NPAs) management by using the litigation management system (LITMAS). This system will enable better monitoring of legal recourses undertaken for expediting recovery in stressed accounts.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Modi govt’s guarantee-free loans for MSMEs: These PSU banks offer maximum credit to small businesses
2HDFC Bank’s new CEO found: RBI approves Shashidhar Jagdishan to succeed Aditya Puri
3Ahead of MPC meet, ICICI Bank cuts MCLR by 10 basis points