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State Bank of India's TDR-STDR Through Automated Teller Machines

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Hiren
New Update

The Problem: Their quest for customer service actually led to the development of this service. SBI branches always have very high footfalls and they have numerous customers who visit the branch for opening term deposit accounts. With this initiative, they will be able to divert these customers to other alternate channels like ATM banking and Internet banking. This initiative will definitely help in reducing customer footfalls at SBI branches, thus helping the branches to concentrate on other marketing activities.

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The Solution: In March 2013, they successfully piloted the initiative of TDR/STDR through their ATMs. Their customer gets to select from the following options for opening a FD account. A: TDR/STDR B: Period C: Maturity Instruction D: Interest Payment Instruction. He is also displayed a message as `Collect the TDR from Branch' after successful opening of an FD account by him in the ATM.

The Result: Substantial reduction in the cost of transaction for a bank. Attracted small depositors as normally small depositors wait till he has accumulated a decent sum of money to deposit at the branch. Now even a small amount can be deposited by the customer any time and as many times as he wants. Reduction in paper usage.

Project Specs

Industry: Banking and Financial Services

Implementation Partner: Financial Software Systems (FSS) -Electra Card Systems

Deployment Location: Currently in pilot

Best IT round cleared: Semi-Finalist

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