SBI Exclusif looks at expanding customer base 10 times
SBI plans to increase the customer base of it’s newly launched wealth management services- SBI Exclusif. (Source: Wikimedia Commons/Representational Image) SBI plans to increase the customer base of it’s newly launched wealth management services- SBI Exclusif. (Source: Wikimedia Commons/Representational Image)
The State Bank of India (SBI) is planning to increase the customer base of it’s newly launched wealth management services -SBI Exclusif – for the country’s “affluent-class” nearly ten times to 35000 customers by the end of the current financial year, said Rajnish Kumar, managing director (National Banking Group), SBI who was in the city, Tuesday.
“With this branch launch, Ahmedabad will be the ninth SBI Exclusif branch in the country. We currently have a customer base of 3500 and have Rs 3000 crore worth assets under management. This year we are looking to expand our customer base to 35000,” Kumar told mediapersons on the sidelines of the launch event. He said the bank will also be approaching its existing customers who would like to avail the services offered by this new vertical that is targeted at the “fast-growing affluent segment in the country.”
“The services are currently free, but going forward, there might be a fee structure,” he added. Any person who has availed loans of over Rs one crore from a bank or holds deposits of Rs 30 lakh or earns a salary of Rs two lakh and more a month, can become a customer of this vertical of the bank. The SBI Exclusif that began as pilot project in Bangalore in January 2016, currently has a staff strength of 200 persons and 90 relationship managers. “We will also be doubling out staff strength this year,” Kumar said.
This vertical offers customers to relationship management services through audio and video channels. “In fact, about 30 percent of our current customers have opted to transact remotely through our audio-video mechanism. These numbers, I believe, will increase in the coming months,” he added.
Talking about the credit demand in the country, the SBI official said, “Credit demand is yet to pick up from the corporates. That is subdued. However, the (demand for) housing loans and the consumer credit is good.” According to Kumar, project finance has not been doing good as there were no major projects especially in the power sector (except renewable) in the past two-three years.
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