The app, already available on Android and iOS platforms, will be officially launched by Finance Minister Arun Jaitley at an SBI event later today.
During an app briefing on Thursday, SBI Chairman Rajnish Kumar said that all financial services products from SBI and its subsidiaries – SBI Life, SBI General, SBI Mutual Fund, SBI Caps and SBI Cards – will be integrated on the platform. Customers will also be able to make mortgage and auto loan proposals from the app. Additionally, clients can open SBI account digitally, transfer funds, get pre-approved paperless personal loan, and get overdrafts against fixed deposits.
SBI MD PK Gupta said, “It’s practically a digital bank, but it’s part of SBI. The greatest feature is opening a full-fledged savings account from the comfort of your home by authenticating the account using Aadhaar and a one-time password. RBI rules place limits on transactions without biometric authentication. Once biometrics are performed at any branch, there will be no restrictions on the account. ”
In addition to banking and financial services, the platform will enable customers to meet their lifestyle needs in 14 categories. The bank has partnered with more than 60 e-commerce players to provide personalized offers and discounts to customers. Some of its major e-commerce partners include Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas cook, Yatra, Airbnb, Swiggy and Byjus, among others.
“This is the culmination of 24 months of effort that SBI and our partners have put into the back end. We will add new features every month. The goal is to enable all banking transactions other than cash withdrawals on this app, ”Kumar said. The back-end integrates the latest digital technologies on artificial intelligence, predictive analytics and machine learning.
Kumar further said the bank is spending Rs 4,000 crore on the digital front, which does not include investments in ATMs. “Today, 22 percent of our transactions are still done at branches. Of the remaining 78 percent, 36 percent come from digital channels and the rest through ATMs,” he added.
(With PTI inputs)