With State Bank of India being named World’s Best Consumer Bank for the second consecutive year, Chairman C.S. Setty discusses serving 530 million customers at scale, the evolution of YONO, and the bank’s enterprise approach to responsible AI.
For the second year running, Global Finance has named State Bank of India the World’s Best Consumer Bank. Chairman C.S. Setty sees the award as recognition of the work SBI does every day to serve 530 million customers. The bank reaches them through 23,000 branches and more than 160,000 touchpoints across India.
The challenge, Setty says, is delivering consistency and excellence to millions of people, with transaction volumes running into the hundreds of millions every day. Inclusion is central to that. Some 170 million SBI customers joined the banking system with zero-balance accounts, and many are now regular savers. Serving customers at this scale efficiently, without losing focus on inclusion, is what Setty believes distinguishes SBI.
Digital banking is a major part of that strategy. YONO, short for “You Only Need One,” brings banking together with investments, insurance, mutual funds and pension products in a single app. It has 100 million registered users, with 20 to 30 million logging in each day, so consistent performance is essential. SBI is also working to make YONO accessible to underserved customers, whatever their location, needs or device. The platform is omnichannel, serving customers in branches, through net banking and on mobile, and Setty’s aim is to serve customers at the lowest possible cost.
On artificial intelligence, SBI is building an enterprise-level AI stack rather than a collection of isolated use cases. The bank began by re-engineering its operating processes, simplifying them so automation could work more effectively before layering AI on top. Having pioneered conventional AI and machine learning models, SBI is now moving toward GenAI and agentic AI. Before scaling up, Setty stresses the need for responsible AI, backed by a strong policy framework and model management, given the size and diversity of SBI’s customer base.
He highlights three priorities. For employees, AI should simplify processes and boost productivity, deploying people where they are most needed rather than replacing them. For customers, it should create seamless, frictionless journeys in the mobile app and self-service channels. And for fraud prevention, where SBI already monitors millions of transactions daily with conventional models, agentic AI could become a powerful tool.
