The credit card wing of the State Bank of India is planning to provide the facility to view the credit bureau scores to the customers when they login to the accounts of the credit card.
The Chief Executive Officer and Managing Director of the State Bank of India Mr. Ashwini Kumar Tewari, who took charge last month stated that providing the credit scores and integrating the scores in the account of the holder of the card is a service that can be provided without the extra charge and is one of the most common services in the United States.
The bank believes that this is a very easy and customer-friendly initiative that can be quickly implemented. Mr. Ashwini Kumar Tiwari handled SBI`s New York operations that included three branches that are New York, Chicago, and Los Angeles. Tewari is planning to implement two to three things from the United States.
The bank is also planning on a co-branded space where a scheme is sold and run by a retailer which is created by a tie-up between the card company and the bank.
The business model works when someone without a card purchases with a retailer and the retailer asks the person to get one and if the person agrees, a card is issued within 5 to 10 minutes depending on the credit score of the person.
The person can get the benefit of the purchase immediately as the card number is known. The presence of SBI Cards and Payment Services (SBI card) is there in co-branded space but the bank wants to leverage it further.
The payment infrastructure of India is far better than in the US. India`s Unified Payments Interface (UPI) has been around for a longer period and the instant payment transfer services are only recently introduced in the US. SBI is planning to tie-up with google pay and other major players to be a partner in the UPI space.
The main traction of credit cards is the interest-free period and the provision to get credit easily at the point of sale.
The advantages provided by the credit cards and the convenience provided by the UPI transactions will have to be combined along with the seamless experience provided by apps like google pay to provide a better experience to the customers.