About the Customer
State Bank of India (California) is a full-service financial institution, offering an extensive portfolio of lending solutions as well as comprehensive consumer, business, and international services. The Bank was established in 1982 as a California State Chartered Bank under the Department of Financial Institutions in Los Angeles, California. At present, we have a total of seven branches throughout California with our headquarters located in Downtown Los Angeles.
State Bank of India (California) is a fully owned subsidiary of State Bank of India, one of the largest banks in the world and a Fortune 500 company, with controlling ownership by the government of India. Through the support of our clients, SBIC has grown steadily over the years.
Scope and Challenges
Technology is rapidly evolving in order to provide a world-class experience to the end customer. No longer is core banking the only single source of truth, but only one of the sources. For example, the view that mobile banking or internet banking provides is derived out of multiple sources such as credit cards, insurance, mutual funds, lending, depository systems and others along with the core banking, integrating of these is difficult, however necessary as these provide a superior customer experience. The end customer looks at their institution as an end to end finance provider rather than a banking provider- which gets enabled through technology.
Along with this, while the core itself is less change driven, channels and processes are the ones that are undergoing intense changes. Customization requests happen more on the channel side rather than the core side. Increased customer demands, channels and changing technology are making the banks to think to go for a new and comprehensive banking solution replacing their existing CBS
Outcome and Implications
State Bank of India (California), a subsidiary of State Bank of India, was recognized for its work with FIS to develop an innovative new solution for allowing its U.S.-based customers to quickly and seamlessly transfer money to family members in India. Unlike competing services, the solution transfers money within minutes and handles both rupees and dollars. The technology has helped the bank increase remittance transactions while meeting BSA and AML requirements.
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