The State Bank of India (SBI) is seeking to partner with fintech companies to offer innovative debt card solutions, including the ability for customers to print their own cards at kiosks. The bank is looking for fintechs that can provide services for these kiosks, allowing customers to upload photos or select from design templates, set their PIN, and manage basic card controls directly at the kiosk.
Additionally, SBI wants fintechs to develop a progressive web app (PWA) through which customers can manage their debit cards. PWAs are web-based applications that offer a user experience similar to a mobile app. The bank is also looking for fintechs that can develop solutions for a dedicated dashboard to manage, track, and control subscription-based services linked to debit cards, as well as artificial intelligence-based alerts for identifying underutilized subscriptions and suggesting alternatives based on usage behavior.
Experts believe that SBI’s strategy is a departure from the traditional approach of partnering with fintechs to push lending, and instead, focuses on improving customer experience. By partnering with fintechs, SBI can leverage their agility and innovative solutions to stay ahead of competitors.
The partnership is expected to benefit both parties, with fintechs gaining access to SBI’s deep pockets and large customer base, and the bank gaining innovative solutions to improve customer experience. SBI’s efforts to promote fintech innovation are also reflected in its recently launched Innovation Hub, which provides a dedicated space for fintechs, startups, and innovators to design next-generation financial solutions for the bank’s customers.