SBI to overhaul transaction banking business
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The country's largest lender, State Bank of India, plans to overhaul its transaction banking business, which will include involving trade finance and IT platform-based servces for liquidity management.
It will hire a strategic advisor for restructuring the business, which covers products and services across the National Banking Group, including government business, mid-sized and large-sized corporates.
A senior SBI official said the unit is crucial in increasing fee-based income and also helps keep interest-free money held in current accounts within the SBI system.
The ecosystem of one large corporate client consists of vendors & suppliers and clients. These may also hold banking relationship with the SBI group.
The cycle for payments is shrinking as electronic transfers take centrestage in corporate transactions. The bank plans to revamp the processes and product offerings to retain its edge, especially in the highly competitive business segment where private and international banks also have significant presence, the official said.
The Transaction Banking Unit (TBU), with special focus on Cash Management Products, Trade Finance and Supply Chain Finance, started working in a full-fledged manner during theyear 2009-10. SBI provides cash management services to corporate customers through 1,450 branches at 757 centres nationwide.
The assignment, spread over seven months, will involve development of strategy to serve customers better and improve sales of transaction banking.
The consultant will adivse the organization structure incorporating - front end, middle office and back end, besides setting up the transaction banking vertical for the bank.
Keeping in mind the competitive landscape, the advisor is also expected to develop best-in-class products and solutions for different customer segments and industries.
The assignment also includes designing an operating model to deliver best in class customer services and also ensure optimal pricing for TBU products.
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