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State Bank of India (SBI), 2022 Update – Enterprise Tech Ecosystem Series

The State Bank of India (SBI) is an Indian public sector statutory body offering banking and financial services. It provides a range of personal banking, corporate banking, investment, government banking, SME banking, and rural banking services to individual, corporate, government, and institutional clients. Its major offerings include deposit services, personal and business cards, and loans. The bank provides a variety of financial services such as mobile banking, internet banking, remittances, money transfers, mobile wallets, trade finance, merchant banking, treasury services, offshore banking, and cash management services. It is present in Asia, Europe, the Middle East, Africa, North America, and South America.

The SBI tech ecosystem report provides insight into SBI’s fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, and its estimated ICT budget.

What are the key innovations and strategies of SBI?

SBI has been actively leveraging the capabilities of artificial intelligence (AI) to digitally transform its banking operations. For instance, the bank launched the video Know Your Customer (KYC)-based savings account opening via its YONO mobile banking app. The feature uses AI and facial recognition technologies to allow customers to open digital savings accounts through the app. AI-based tools also enable the bank to identify branches that are prone to fraud and suspicious chargeback complaints.

The bank has devised a comprehensive cybersecurity strategy to identify and thwart cyberattacks. The bank’s cybersecurity wing regularly conducts ethical hacking exercises on digital apps to discover and address loopholes in their security features. SBI has also deployed Proactive Risk Management, a data analytics, AI, and machine learning-based solution that detects suspicious account and transaction activities. In 2021, SBI stated it is in the process of establishing a Next-Gen Global Cyber Security Operations Centre, where cybersecurity experts will explore ways to strengthen the bank’s cybersecurity capabilities with data analytics, AI, and machine learning technologies.

What are the key areas of technological focus of SBI?

Some of the key areas of technological focus of SBI are artificial intelligence, augmented reality, big data, biometrics, blockchain, cloud, social media, cybersecurity, digital media, fintech, internet of things, mobile payments, online payments, digital banking, conversational platforms, robo-advice, robotic process automation, video recognition, virtual reality, and wearable tech.

SBI enterprise tech, by technological focus

SBI enterprise tech, by technological focus

For more technological focus insights, download a free report sample

What are the major technology partnerships of SBI?

Some of the major technology partnerships of SBI are as follows: 

2018: Partnered with Google to launch AI-powered voice assistant on Google devices 

SBI Mutual Fund launched an AI-powered voice assistant on Google devices, allowing investors to gain access to product details, their KYC status, a systematic investment plan calculator, callbacks from customer services, and account statements delivered via a voice interface. The assistant – which leverages natural language processing technology to provide customers with a conversational experience – can be accessed on any mobile device with Google Assistant or Google Home.

2020: SBI Foundation partnered with Microsoft on training scheme and AI-based marketplace 

SBI Foundation (the corporate social responsibility division of SBI) and Microsoft agreed on a partnership to train physically disabled young individuals to help them land jobs in the banking, financial services, and insurance industry. As part of the partnership, the two organizations agreed to develop an AI-based marketplace that will help companies connect with these individuals. 

2021: Partnered with Hyperverge to deploy video KYC account opening on YONO

SBI partnered with US-based AI company Hyperverge to use its video KYC solution. SBI deployed Hyperverge’s solution as part of its YONO mobile app to allow customers to open savings accounts remotely without having to visit a branch. The AI-powered solution allows customers to complete account opening via a video call.

2021: Partnered with J.P. Morgan to use its Liink blockchain technology 

Under the partnership, SBI integrated J.P. Morgan’s Liink blockchain technology into its operations to share payment-related information quickly and securely with other banks and financial institutions. This technology has reduced the number of steps taken to execute cross-border payments while also reducing costs. In addition, Liink has reduced the time taken to resolve issues about cross-border payments from several weeks to two weeks. The bank is now able to offer quicker, cheaper, and more secure overseas money transfer services.

What are the major investments of SBI in digital payments?

The major investments of SBI in digital payments are Pine Labs and Cashfree Payments.

Pine Labs

SBI invested $20 million in Pine Labs, an India-based provider of payment solutions for brick-and-mortar and online stores.  Pine Labs stated that it will use the funds to expand its new online payment product called Plural and add more features to its card swipe machines. Plural allows merchants to accept payments from hundreds of payment gateways and offer to buy now pay later options to customers. It also improves payment gateway performance on iOS and Android devices.

Cashfree Payments

Cashfree Payments is an India-based payment and banking technology company. It offers online payment tools that allow businesses to collect payments, make payouts to vendors, disburse loans, refund customers, process insurance claims, and make reward and loyalty payments. Cashfree announced plans to use the funds to expand its product and service range.

Market report scope

Key technological focus Artificial Intelligence, Augmented Reality, Big Data, Biometrics, Blockchain, Cloud, Social Media, Cybersecurity, Fintech, Internet of Things, Mobile Payments, Online Payments, Digital Media, Digital Banking, Conversational Platforms, Robo-Advice, Robotic Process Automation, Video Recognition, Virtual Reality, and Wearable Tech
Major investments Pine Labs and Cashfree Payments

Scope

  • SBI is utilizing a variety of emerging technologies – including AI, big data, blockchain, cloud, and cybersecurity – to improve the customer experience and operational efficiency.
  • SBI has been consistently expanding the range of banking and financial services offered via mobile banking.
  • SBI is focusing on partnering with fintech startups to leverage their technologies in its banking operations.

Reasons to Buy

  • Gain insight into SBI’s fintech operations.
  • Discover its fintech strategies and innovation initiatives.
  • Learn about its product launches, partnerships, and investments.

Key Players

Hyperverge

Microsoft

Google

J.P. Morgan

Manipal Technologies

TCS

Invoicemart

Hitachi

Jio

Dimension Data

Pine Labs

Cashfree Payments

Table of Contents

Table of Contents

Overview

Digital Transformation Strategy

Incubation and Innovation Programs

Technology Focus

Technology Initiatives

Investments

Partnership and Investment Network Map

ICT Budget and Contracts

Key Executives

About GlobalData

Frequently Asked Questions

Some of the key areas of technological focus of SBI are artificial intelligence, augmented reality, big data, biometrics, blockchain, cloud, social media, cybersecurity, digital media, fintech, internet of things, mobile payments, online payments, digital banking, conversational platforms, robo-advice, robotic process automation, video recognition, virtual reality, and wearable tech.

The major investments of SBI in digital payments are Pine Labs and Cashfree Payments.

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