Country's largest lender State Bank of India (SBI) today said that it would put more retail products in the digital space and use analytics to study spending habits.
Country’s largest lender State Bank of India (SBI) today said that it would put more retail products in the digital space and use analytics to study spending habits. “In the digital space, SBI will now put more retail products. This is because adoption in the digital space will be more quick as compared to conventional transactional banking”, chairperson of the bank Arundhati Bhattacharya said. She said that the bank using the digital space, would be married to analytics to study the spending habits of the consumers. “But this will be bit intrusive”, she said. Relating to the corporate side, the bank was looking at value-additions using platforms to bring together the buyer and sellers and use analytics to find out who is producing what, she said at a FICCI session here.
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Lamenting that credit growth in the economy, she said that ideally it should be nine per cent given the GDP and inflation figures. “But is low at seven per cent. Even including corporates which borrows in the forms of bonds and commercial papers, the credit growth will be between 7.5 per cent to eight per cent”, she said. She said that given the macro parameters of the economy, credit growth from the banking system was low. Regarding recruitment, she said that bank was taking in probationary officers from the time to time. “But the number of recruits will be lower now”, she said. SBI today inaugurated its first wealth management service in the city. She said that bank was looking at aspiring individuals with a minimum net worth of Rs 30 lakh for imparting financial advise.