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An Intelligent Platform Puts State Bank of India Customers First 2 The rise of a financial tiger An intelligent platform puts State Ryan Bertrand Bank of India customers first 10-minute read An intelligent platform puts State Bank of India customers first 2 ndia’s economic power is I steadily rising on the horizon. It’s driven by its people—a critical force in companies around “India is the world’s largest democracy,” But the key to that future is digital, especially the world. India’s reports the World Bank. “Over the past now. “Digital financial inclusion was a decade, the country’s integration into the development priority before the COVID-19 people now have global economy has been accompanied by emergency; now, it is indispensable for both economic growth. India has now emerged short-term relief and as a central element of as a global player.” broad-based, sustainable recovery efforts,” a growing wealth the World Bank reports. For more than 200 years, State Bank of that is creating India (SBI) has been the country’s largest “In India, 60% of the population is less than public sector bank, and its financial 35 years old,” says Amit Saxena, Global foundation. As many of the bank’s Deputy Chief Technology Officer at SBI. And new opportunities customers grew their wealth in recent every day, he says, that population goes years, the bank saw that people had online to shop. for them and their new financial freedom and sought new opportunities. It also knew that this growth So, SBI formed a vision of something could empower India’s future as a global more than a digital bank—it envisioned a communities. financial force. comprehensive online platform with four An intelligent platform puts State Bank of India customers first 3 pillars: a digital bank for convenience, a financial superstore offering investments and other financial services, an online marketplace with lifestyle products App downloads from partners, and an overall digital transformation with analytics that connected these options end to end. “We wanted a customer experience transformation, and we called it ‘YONO,’— ‘You Only Need One,’ ” Saxena says. YONO 64 would give the bank an enormous market million advantage, combining services, products and features into one mobile app with a platform that could integrate data across third-party products and streamline the customer experience. But first, the bank needed to do some work Daily logins behind the screens—it needed to align several systems to support millions of screens. The bank has 491 million customers. It has 260,000 employees; 22,500 worldwide branches administered by a headquarters; 9 17 local head offices; 101 zonal offices and million 208 foreign offices in 36 countries. “Around 76 business units were part of the discussion when we started building YONO,” Saxena says. “It was a humongous thing when we started—to try a digital transformation like this, for a legacy bank like us. I still get goosebumps when I think about the start.” An intelligent platform puts State Bank of India customers first 4 “ It was a humongous thing when we started—to try a digital transformation like this, for a legacy bank like us. I still get goosebumps when I think about the start.” Amit Saxena Global Deputy Chief Technology Officer State Bank of India An intelligent platform puts State Bank of India customers first 5 A leap forward To truly create a mobile financial quickly took the journey from strategy through marketplace serving millions of customers, design thinking, agile development and the bank needed a proven partner with scaled delivery. exceptional capabilities. “The first day, you talk about what you want “After a lot of consideration, we wanted to achieve,” Saxena recalls. The next day, to partner with IBM to get the benefit of the team designed the solution, completing the global expertise and the technology the UI/UX on Day 3. The team evaluated stack—we have used the latest and the best dependencies on Day 4, presented it on Day available from the treasury of IBM,” Saxena 5, received approval on Day 6 and finally built says. “We cannot bring in a partner who it on Day 7. “So, most of the Garages—apart needs to learn on our project and from from the complex journeys—would only take our understanding.” seven days.” With a focus on insights and expertise The IBM Garage journeys captured key from real people, the IBM and SBI team banking tasks such as transferring funds, brought together a comprehensive group of paying bills or taxes, and analyzing spending. stakeholders, including client partners, IBM Customers could even plan a “cardless ATM partners, agencies and consultants. withdrawal”—YONO gave them a 1-time code even captured marketplace tasks such as that they could enter at an ATM to withdraw shopping, filtering products and finding To go beyond banking and serve a range of cash without using their card—perfect for special deals for YONO users. customers with various intersecting needs, giving family members cash, even if they live the bank applied the agile, user-focused far away. With such comprehensive data integration, IBM Garage™ Methodology, working closely the bank made the new system’s security a with IBM Garage designers, architects and But the journeys also captured loan tasks top priority. “Security was most important,” analysts to collaborate on all aspects of such as applying for a home, car, school or Saxena says. “And because we were the project. Stakeholders participated in an agricultural loan. They captured financial embarking upon a new transformation IBM Garage Enterprise Design Thinking™ service tasks such as purchasing insurance, journey around a new technology stack, that workshop that turned each customer path mutual funds or securities, and other tasks was a very big concern for us. Let me be into a “journey.” Then the methodology for managing credit cards and checks. They very clear.” An intelligent platform puts State Bank of India customers first 6 Dynamic strength databases, and IBM DataStage® software apps in a security-rich environment, the IBM handles data extracts, transfers and loads API Connect® solution provides purpose-built across multiple systems. power to monetize APIs and it uses IBM App Connect with MQ for assured delivery. To help ensure that YONO can access enormous volumes of distributed data When the infrastructure for YONO security while delivering the performance and stability was ready, the IBM Garage customers expect, the bank taps into team used an agile approach to deliver the IBM Cloud® Application Performance a minimum viable product (MVP) for the Management solution. banking services pillar first—in a surprisingly short amount of time. The final piece of YONO is dynamic data integration and analysis behind the scenes. “We launched the digital bank mobile That’s powered by the IBM Cognos® marketplace end to end in three months’ As the bank developed customer journeys Analytics solution, with insights and pattern work,” Saxena says. “It would’ve been with IBM Garage, IBM also worked with detection from IBM SPSS® Statistics impossible to do this if we did not have the SBI to design intelligent workflows and software and analysis storage in a purpose- IBM Garage methodology.” build a robust system of security and built IBM Db2® Database. With these stability to support the solution. Intelligent analytics, YONO helps SBI target customers The team continued to iterate and scale workflows now apply technologies such as with more effective and relevant offers. its initial MVP. Because the IBM Garage AI, automation, blockchain, 5G, advanced focuses on user-centered design and SBI analytics and cloud to change the trajectory But the true potential of YONO lies in prioritizes the customer experience, the team and very nature of SBI work, adding greater people—not only the growing financial spent weeks conducting user testing and visibility, real-time insights and the power freedom of India’s population but the incorporating user feedback. to remediate problems across multiple partners outside the bank who build new business functions. apps and capabilities on the YONO platform. Once the team released the full YONO IBM WebSphere® Application Server marketplace of financial and consumer To establish a proven security and data provides the core platform where developers products, it was time to see the power of integration platform across dynamic systems, can create, connect and optimize their apps, people bring the system to life. Ultimately, the bank selected the IBM® DataPower® while IBM FileNet® Content Manager offers this intelligent platform empowers SBI Gateway solution. YONO data is hosted low-code tools for building the new cloud- employees to work smarter and deliver an on scalable IBM Cloudant® distributed based apps. To intuitively connect these exceptional customer experience. An intelligent platform puts State Bank of India customers first 7 The power of everyone People have responded. The vision of YONO has connected with people throughout India and beyond, and a strong initial launch gathered even more power over time: • 100+ digital customer journeys implemented since the YONO launch, giving people a vast range of online banking, financial and consumer options • More than 64 million YONO mobile app downloads, including 5.23 million downloads in the first five months • More than nine million YONO logins per day success. “To retain a customer, you have digital YONO experiences. New IBM Garage • More than 10 million cardless ATM to keep them excited, keep them engaged journeys are simpler because they build on withdrawals and keep offering something new. So, that’s existing information. And, as more processes • 650,000 mutual fund transactions why YONO has been such a great product,” moved into online journeys, the through YONO Saxena says. bank eliminated redundant steps and • More than seven million bank account traditional paperwork.
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