The largest home loan lender of the country, State Bank of India (SBI) plans to make complete utilization of its big technological platform. The platform required Rs 500 – 600 crore for construction and the bank now plans to make proper use of it.
SBI plans to move 40% of its transactions from alternate channels by end of this fiscal.
The bank plans to use its IT platform to use an integrated payment system. This project is a portion of its IT integration plan, which it plans to become integrated by the end of this fiscal.
With its execution, SBI will become world no.1 position to possess this facility. The chief aim behind this plan is to merge the current payment and IT system to make it more scalable and more channel friendly payment system come into being.
For starters, the architecture would work as back office support for various methods of payment such as ATM, mobile (phone) banking and also branch banking.
Krishna Kumar, deputy MD & head, IT (State Bank of India), said, “Technical assessment is under process for the proposed integrated hub and soon we would go for request for proposal (RFP) for the same”.
He said, “We want to free the branch space and branch time of the bank through the proposed hub. It will further help us use the staff working at the branches for space marketing”.