Case Study

State Bank of India: banking app increases payment rates by 50%

OUR CLIENT

The State Bank of India (SBI), an Indian multinational public sector headquartered in Mumbai, Maharashtra

SBI is the 54th largest bank in the world and the fifth-largest employer in India. It provides banking services from more than 21,000 plus branches and 55,000 ATMs in India and internationally.

THE CHALLENGE

The outdated app had a poor user interface (UI), user experience (UX), and security

SBI’s previous banking application, State Bank Anywhere, did not have the mobile transaction features and functionality the bank’s customers enjoyed with other banking apps,such as money transfer, mobile recharge, and debit card-free withdrawals. It was also available in only English and Hindi. Because of these limitations, the app had poor ratings (3 to 3.5 out of 5) in both the App Store and Google Play.

Additionally, the app provided weak encryption, making it vulnerable to cyberattacks and possible fines from the Reserve Bank of India, which mandated security requirements to ensure that payment products are built to protect the confidentiality of customer data.

THE TRANSFORMATION

New app designed with functionality in mind receives significant rating improvements

SBI began working with UST to develop a completely new banking app that would identify and rectify the security, functionality, and UI/UX weaknesses of the older State Bank Anywhere app.

UST’s agile, innovative team worked collaboratively with SBI to design the new Yono Lite SBI app for Androids™ and iPhones® with rich UI/UX, easy navigation, multilingual support with English and 12 other regional languages, and the TalkBack accessibility service for vision-impaired customers, to name just a few.

The new app also has a number of security features built-in, including strong, end-to-end encryption, two-factor authentication, root check, certificate pinning, and SIM binding, which allows only one user per device registered with SBI. These features will provide SBI customers with an added layer of protection, reducing the risk that customer information could be compromised. These additional security features ensured that the app was in compliance with the Reserve Bank of India’s rules on the protection and handling of sensitive customer data.

THE IMPACT

Less waste, more efficiency, reduced costs, and better compliance

Together, UST and SBI designed a safe, convenient easy-to-use and feature-rich app to help SBI’s customers manage their finances while on the move. The app now has an enviable app rating average of 4.3 on both Google Play and the App Store and was rated in the top three mobile banking apps in India.

The client achieved the following additional milestone:

. Increased payment rates by 50%

. Averaged (INR) 3.5 billion transactions per day

. Downloaded more than 50 million times to date

EXPERTISE & RESOURCES

Discover our resources

Learn more about the expertise and resources that helped us achieve success on this project.

Digital Transformation Services | Digital Technology Solutions - UST

Financial Services Technology Solutions & Transformation - UST