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State Bank of India (SBI)

Accenture helps State Bank of India digitalize the retail banking experience.

Overview

State Bank of India (SBI) is India’s largest commercial bank in terms of profits, assets, deposits, branches and employees. As the country’s oldest bank, with origins dating back to 1806, SBI commands more than 22 percent of the domestic Indian banking market. Assets for fiscal year 2013-2014 were INR 17,92,234 Cr (US$297 billion).

Opportunity

For the country’s hyper-connected, highly informed, value-driven young customers expecting immediate services and real-time responses, queuing at bank branches for teller-controlled transactions seemed archaic. To entice and attract this demanding target segment, SBI created a digital banking program to remake the branch environment and remodel customer engagement.

Solution

Accenture and SBI launched the project with a weeklong effort to finalize the vision and shape a new sub-brand for this target market— SBI InTouch—that reflected the differentiated service experience that the branches would deliver to the nation’s digitally proficient youth. With 30 years of experience running complex multidisciplinary projects, Accenture applied its proven, repeatable methods for on-time delivery as it led several teams working simultaneously across. 

The work progressed in f​our parallel tracks to bring the vision to life on time:

  1. Design the customer experie​​nce. The digital customer is a more demanding customer. Accenture worked with SBI to define these “digi-zens” and meet their demands with new processes and engaging, interactive technology.

  2. Build the physical branch. Demonstrating the broad utility of its delivery methods, Accenture worked with its partners internationally and locally to design and construct the seven new branches.

  3. Develop digital capabilities. The Accenture team deployed leading edge digital devices at the branches to create the on-demand touch experience for catering to the millennial generation, including interactive wall and table displays, tablets, multi-function kiosks, smart ATMs and instant account opening with debit card kiosk.

  4. Enable employees. We advised SBI on the operating model and supporting resources needed for the digital branches. The two organizations then worked together recruiting and selecting resources from internal staff, followed by training and on boarding.

Accenture integrated the bank’s back-end technology to meet customer demands for real-time interactions and introduced the integrated power of analytics, customer relationship management, social media and mobility that would serve the bank as a whole in its growth towards the future.

Results

For the first time in India, a bank has developed a sub-brand targeting the digitally proficient population. From the first day of the opening, retail shoppers have visited the new branches in phenomenally high numbers. The buzz on social media captures the excitement and positive emotional response that visitors experience.

With Accenture’s help throughout the whirlwind process of strategy development, sub-brand creation, customer journey definition, branch design, technology integration, branch build and employee enablement, SBI has undergone a revolutionary change in the way it serves customers.