SBI will conduct surprise visit of branches to improve customer service

State Bank of India (SBI), the largest bank in India, has announced its plans to engage the services of an external agency to conduct incognito visits to its branches. The purpose of these visits is to monitor and assess the quality of customer services provided by the bank. SBI aims to carry out these visits on an annual basis, covering its extensive network of 22,405 domestic branches.

Importance of Customer-Centricity and Long-Term Relationships

Chairman Dinesh Kumar Khara emphasized the significance of customer-centricity in banking operations and the importance of building long-term relationships. He stated that understanding the needs and preferences of customers is crucial for the bank to evolve and enhance its offerings. SBI aims to continuously improve the customer experience and set new benchmarks in the banking industry.

RBI’s Role in Assessing Customer Service

The Reserve Bank of India (RBI) has been conducting incognito visits to bank branches to independently assess the level of customer service provided by banks. This initiative ensures that banks are meeting the required standards of customer care and service.

SBI’s Plans for KYC (Know Your Customer) Management

SBI is also planning to develop a platform called KaaS (KYC as a Service) to streamline the management of customer KYC profiles. KYC guidelines, mandated by the RBI under the Prevention of Money Laundering Act 2002, require banks to obtain certain personal information from customers. SBI’s KYC policy consists of four components: customer acceptance policy, risk management, customer identification procedures, and transaction monitoring.

RBI’s Enforcement of KYC Norms

In the past, the RBI has imposed monetary penalties on banks for non-compliance with its KYC norms and anti-money laundering standards. These penalties were issued for failure to adhere to specific provisions related to customer identification, opening of current accounts, and savings accounts.

SBI’s Efforts to Enhance Customer Engagement and Feedback

To improve customer engagement and address customer concerns, SBI is developing a centralized calling facility for dissatisfied branch channel customers who have provided lower feedback ratings. The bank also plans to enhance the customer feedback process by obtaining feedback through QR codes from both customers and non-customers visiting branches.

Digitized Process Flow for Deceased Claim Settlement

Recognizing the challenges faced by customers during the deceased claim settlement process, SBI is implementing a technology-driven, digitized process flow. This initiative aims to simplify and expedite the settlement process for such claims. The bank plans to roll out this digitized system in the near future.