|State Bank of India (SBI), the country's largest lender, has launched six digital branches across the country. These new digital stores - sbiINTOUCH - will enable consumers to do their basic banking activities and can be used to open accounts, apply for loans, etc.|
These branches will enable customers to carry on banking transactions via the digital medium - such as interactive walls and table displays - without much of human interaction. However, at the moment the branches will not be un-manned and will have employees to help customers in case the need arises.
In order to stay relevant to young consumers, SBI has decided to go digital in a big way in the coming days. "Today, more than half of India's population is under the age of 25. By 2020, India's average age will be just 29 years - this is a digital demographic that expects businesses to provide solutions immediately. At the same time, the mass-affluent - no matter what their age - have similar expectations," said Arundhati Bhattacharya, Chairperson, SBI.