Jio and SBI Announce Extension of Their Digital Partnership
Reliance India Ltd. (RIL) has announced its mobile network Jio’s partnership with the State Bank of India (SBI). SBI YONO is to integrate with Reliance’s MyJio platform, while SBI customers will enjoy accelerated digital transactions from Jio Prime as well as special connectivity and device solutions from Jio.
After working together on Jio Payments Bank, Jio and SBI are extending their partnership to boost customer experiences in digital banking, payments and commerce. Jio Payments Bank started operating in 2018. Payment banks in India are a special group of bank that make payments and can accept deposits but cannot issue loans or other forms of credit such as credit cards.
Mukesh Ambani, Chairman of RIL said, “The scale of the SBI customer base is unmatched globally. Jio is committed to using its superior network and platforms combined with the Retail ecosystem to accelerate digital adoption serving all the needs for SBI’s and Jio’s customers.”
The digital partnership is expected to increase SBI’s digital customer base multi-fold. SBI YONO, which is a revolutionary omni-channel platform offering digital banking, commerce, and financial superstore services to customers, will enable digital banking features and solutions through the MyJio platform for a seamless, integrated customer experience. MyJio, which is considered one of India’s largest over-the-top (OTT) mobile applications, will bring together financial service capabilities of SBI and Jio Payments Bank.
Rajnish Kumar, Chairman of SBI said, “As India’s largest Bank with leadership in digital banking, we are delighted to partner with Jio the world’s largest network. All the areas of co-operation are mutually beneficial enhancing the digital foot-print for SBI customers with superior and rewarding customer experiences.”
Jio and SBI customers will benefit from Jio Prime, a consumer engagement and commerce platform from Reliance. Not only will it offer exclusive deals from Reliance Retail, Jio, partner brands, and merchants, but also, the integration between SBI Rewardz (existing loyalty program from SBI) and Jio Prime will offer customers of SBI additional loyalty reward earning opportunities and broader redemption within Reliance, Jio, and other online and physical partner ecosystems.
Jio will become one of SBI’s preferred partners for designing and providing network and connectivity solutions. SBI will launch customer centric services such as video banking and other on-demand services with the help of Jio’s network in urban and rural regions. Moreover, Jio Phones will be available on special offers for SBI customers.
Jio, which is a subsidiary of RIL, has built a all-IP data strong network with 4G LTE technology. It claims to be the only network conceived and born as a Mobile Video Network from the ground up, supporting Voice over LTE technology.
Jio has already disrupted the telecom market with its eco-system of network, devices, applications and content, at affordable tariffs. Its free voice calls for Jio customers across India is the stuff of nightmares for Bharti Airtel and Vodafone Idea. Jio aims to bring transformational changes in the Indian digital services space to further the vision of Digital India and enable every Indian to do what it calls, ‘Datagiri’.
In a recent development, the Department of Telecom has okayed the ongoing Vodafone-Idea merger, paving the way for an almost 430 million-customer strong entity which would overtake Bharti Airtel.
SBI has tied up with over 58,274 business correspondents all over India to expand its distribution network. With 22,414 branches in India, 206 international offices in 35 countries and around 424 million active customer accounts as of March 31, 2018, SBI is India’s largest bank.
The bank had deposits, net advances, and a total assets base of INR 27,06,343 crores, INR 19,34,880 crores, and INR 34,54,752 crores, respectively, as of March 31, 2018, the largest by each measure among banking institutions in India. SBI YONO is a recent pan-India launch of SBI as part of a pioneering programme to offer next-generation banking services to India’s growing mobile phone and tech-savvy customer base.