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IBA Banking Technology Award 2016-17 held on 27/02/2018, Mumbai (February 28, 2018)
Pursuant to calling for nomination for IBA banking technology award 2016-17,We have applied for 6 category (including one special category’ Most innovative project using IT, irrespective of Bank size)
01. Best Technology Bank of the Year – Large bank category Winner (Runner-Up : ICICI Bank)
This is the most coveted and prestigious award from IBA. Award winner in this category set benchmark in the banking industry for others to follow. We have summed up all major activities being done at GITC to showcase our technical prowess.
The Bank has been offering innovative and cutting-edge products services to its customers with the objective of enabling banking transactions at any time and from anywhere. The Bank’s IT strategy, with digitization and excellence to the core, has evolved in tune with the current consumer trends of social collaboration, mobility, cloud-based platforms, big data analytics, AI,ML, and RPA.
The Bank has adopted the widely-used and practical planning methodology, VMOSA- Vision, Mission, Objectives, Strategies and Action Plan. This has been the guiding force behind setting technological priorities / roadmap etc.
Some successful recent launches- Smart Watch, Roopantar, Mingle( Social Media Banking), Enterprise Mobility Management, AI,ML & RPA based processes are testimony to the fact that the Bank has been in the forefront to embrace Technology to meet the ever increasing customer needs.
02. Most innovative project using IT – Winner
This is special category irrespective of bank size. The objective of the award in this category is to identify most innovative initiative such as new product, service, application, channel, user interface to improve customer experience, a new process to reduce cost/TAT, a new strategy basing on analytics, big data, AI. It can be for the benefit of customers, employees etc.
We have submitted our project ‘Automated Real-Time Customer Emotion Feedback (ARTCEF).This project is aimed at taking customer feedback of our service using camera which is placed on the front end counter. This first-of-its-kind solution is built using emerging technologies including Artificial Intelligence, Machine Learning and Cognitive. It track the customer’s facial emotion and convert it into tangible output in the form of report. This report can be used for improving the customer service.
03. Best Financial Inclusion Initiatives – Winner (Shared With United Bank of India)
This is special category with the objective to extend banking and other financial services to all sections of the society and to achieve inclusiveness. State Bank of India has re-examined and implemented the various strategies to create a vibrant Financial Inclusion Model with appropriate technology platform to optimize delivery of basic financial services to the unbanked and under banked people of India along with spread of Financial Literacy.
Accordingly the Bank has chosen the Kiosk Banking based on Banking Correspondent Model as its spearhead for Financial Inclusion initiative in order to have services delivered at nook and corner of the country at a low cost, affordable both to the customers and sustainable for the service providers.
SBI Kiosk Solution is well capable of delivering four basic services relevant to financial inclusion
These intitiatives are facilitated through platforms such as Aadhaar Enabled Payment Systems, automated e-KYC, Immediate Payment Service (IMPS), Micro ATMs. Further, promotion of Savings Bank cum Overdraft facility under PMJDY and Direct Benefit Transfer (DBT)/Direct Benefit Transfer for LPG (DBTL) payments by SBI has propelled a Financial Inclusion to nook and corner of the country.
SBI Kiosk solution offers a bouquet of services ranging from Account enrolment to NPA recovery, Aadhaar Seeding to Interoperable ATM card based transactions. In all, there are more than 30 types of services available, many of them like IMPS, Insurance, account upgradation, Wallet cash transaction etc are very unique in FI channel.
04. Best Use of Digital and Channels Technology – Runner up (Winner: ICICI Bank)
This is the prestigious award for the bank. SBI, the only Indian Bank to find a place in the esteemed club of top 50 banks in the world, is a strong proponent of leveraging information technology to improve efficiency and deliver convenience to its customers. Bank has been offering innovative and cutting-edge products to its customers, with the objective of enabling banking transactions at any time and from anywhere. Bank’s technology strategy has evolved in tune with the current consumer trends of social collaboration, mobility, cloud-based platforms and big data analytics.
As part of digital transformation, SBI has taken strategic steps in implementing latest technology in all the areas of our service offerings to our customers in the last year and we have compartmentalized our service offerings under AI and ML based offerings. As a strategy we had a vision in the year. Most of the services being offered through multiple e-channels.
SBI has been heavily investing into the digital transformation of the Bank with large initiatives like SBI InTouch, SBI Buddy, CRM, Optimisation and Re-engineering of existing business processes in the branches, IT Innovations such as Voice Mobile Banking, Chatbots, Spend analyser , Virtual Cards, Conversational Banking, Robotics and Automation etc,.