State Bank of India on its 61st anniversary (State Bank Day) has forayed even stronger into the digital services space with it’s new initiative SBI Mingle – a social media banking platform . The bank has launched a chain of new digital offerings to its clienteles, while signing a partnership with Indian e-commerce giant Flipkart for pre-approved installment payments for online purchases.
Any purchases worth more than INR 5,000 on Flipkart will now see SBI offering an overdraft facility to its chosen customers.
A Forbes report noted that out of its 300 million customers, SBI’s internet banking and mobile banking customers constitute 26 million and 60 million, respectively. The bank along with enhancing customer experience also aims to recognise credit worthy individuals by offering them such financial benefits, and not limit it to only credit card holders.
“The objective is to provide finance to credit worthy individuals through an end-to-end online facility without having to go through the process of applying for a personal loan for simple purchases,” Rajnish Kumar, managing director (National Banking Group), SBI, told the magazine.
Though a novel collaboration, the partnership was not exclusive and SBI was free to try it with other e-commerce site, added the report.
New Digital Services
Arundhati Bhattacharya, Chairman, State Bank of India, launched this social media banking platform for Facebook and Twitter users, ‘SBI Mingle’ (check it out here)which will help the customers with a host of banking services on their social media accounts, at their own convenience.
It added that going further, the platform would allow customers to request cheque books, perform internet banking functions, receive SMS alerts and block ATM/Debit Cards.
“Staying attuned to the needs of the Gen Y customer and collaborating it with their innovative technology, SBI is in process of offering a gamut of new digital services to the customer on the go,” SBI Chairperson Arundhati Bhattacharya said.
The bank also launched SBI Digital Village service that seeks to transform villages into cashless small economies. 21 villages in the country would be identified to begin with and then the number will be ramped up to 100 by financial year 2017.