SBI card now 2 mn strong and growing

Monday, January 09, 2006 10:21:3 IST
The card offers the fastest turn-around times for approval and cash in the market..

SBI card announced that it has crossed the two million-card customer milestone.
SBI card, a joint venture between GE Money and State Bank of India (SBI) that began in 1998, has experienced double-digit growth by combining SBI’s market presence and strength as a trusted brand with GE Money’s global expertise in technology, business processes, and international leadership in innovative financial products and services.

The size of the Indian credit cards market is estimated to be about $4 billion and is growing at 35 per cent per year. SBI card, with its rapid expansion plans, aggressive investments in large co-branded card deals and technology to enhance customer experience, aims to be the preferred credit card provider in India for consumers across all segments of society. SBI, India’s largest and most trusted bank has over 14,000 branches nationwide and 6,000 ATMs — the largest ATM network of any bank in Asia outside Japan.

Two million cards is a significant milestone and we are very pleased with our customer feedback and loyalty to SBI card’s product offerings,” said Roopam Asthana, CEO of SBI card. “We have made a commitment to understanding and addressing our customer’s dynamic financial needs. Only in this way can we continue to deliver the most innovative and differentiated products to consumer across the entrance spectrum in India.”

By leveraging GE Money’s sophisticated analytics and risk management, investing in state-of-the-art technology and utilizing GE’s six sigma/lean processes to eliminate inefficiency any waste, SBI card offers some of the fastest turn-around times for approval and cash in the market. It answers 500,000 customer service calls and processes and delivers a million cards a month.

SBI card offers tailor-made products which no one else in the market can offer, such as the LG Card, with the largest durables and electronics company in India, and the Hero Honda Card, with the world’s largest make of motorcycles, as well as the Lifestyle Card, a visa card with ‘Lifestyle’ (a part of the landmark group) - one of India’s largest premium multi branded retail store chains. For customers who wish to leverage their spending power for a good cause. SBI card offers a co-branded visa card with four leading NGOs; national association of the blind, SOS villages of India, World Wildlife Federation, and Caner Patients Aid Association.

With sizeable investments in people, technology and processes, SBI card plans to launch a number of exciting new product in 2006 to continue the momentum it has build in India.