Mumbai - January 6, 2006 - SBI Card announced that it has crossed the two million card customer milestone.
SBI Card, a joint venture between GE Money and State Bank of India (SBI) that began in 1998, has experienced double-digit growth by combining SBI's market presence and strength as a trusted brand with GE Money's global expertise in technology, business processes, and international leadership in innovative financial products and services.
The size of the Indian credit cards market is estimated to be about $4
billion and is growing at 35% per year. SBI Card, with its rapid
expansion plans, aggressive investments in large co-branded card deals and technology to enhance customer experience, aims to be the preferred credit card provider in India for consumers across all segments of society. SBI, India's largest and most trusted bank, has over 14,000 branches nationwide and 6,000 ATMs - the largest ATM network of any bank in Asia outside Japan.
"Two million cards is a significant milestone and we are very pleased
with our customer feedback and loyalty to SBI Card's product offerings," said Roopam Asthana, CEO of SBI Card. "We have made a commitment to understanding and addressing our customers' dynamic financial needs. Only in this way can we continue to deliver the most innovative and differentiated products to consumers across the entire spectrum in India."
By leveraging GE Money's sophisticated analytics and risk management, investing in state-of-the-art technology, and utilizing GE's Six Sigma/Lean processes to eliminate inefficiency and waste, SBI Card offers some of the fastest turn-around times for approval and cash in the market. It answers 500,000 customer service calls and processes and delivers a million cards a month.
SBI Card offers tailor-made products which no one else in the market can offer, such as the LG Card, with the largest durables and electronics company in India, and the Hero Honda Card, with the world's largest maker of motorcycles, as well as the Lifestyle Card, a Visa card with 'Lifestyle' (a part of the Landmark group) - one of India's largest premium multi-branded retail store chains. For customers who wish to leverage their spending power for a good cause, SBI Card offers a co-branded Visa card with four leading NGOs: National Association of the Blind, SOS Villages of India, World Wildlife Federation, and Cancer Patients Aid Association.
With sizeable investments in people, technology, and processes, SBI Card plans to launch a number of exciting new products in 2006 to continue the momentum it has built in India.
About SBI Card
SBI Card is a joint venture between State Bank of India and GE Money to offer Indian consumers extensive access to a wide range of world-class, value-added payment products and services. The partnership leverages the competitive advantages of SBI's brand equity, 100% blind brand recall, customer relationship and incomparable market presence with GE Money's global expertise and experience in technology and processes, Six Sigma approach to quality, world class customer service, retail marketing, product development and risk / credit management. The partners have set up two joint venture companies to develop SBI's payment card business in India -- SBI
Cards & Payment Services Pvt. Ltd. which focuses on the marketing and distribution of SBI Card and GE Capital Business Processes Management Services Ltd., which handles the technology and processing needs of SBI Card. With over 2 million credit cards, SBI Card has co-branded card relationships with Apna Bazaar, Hero Honda, LG, Lifestyle and United Bank of India.
ABOUT GE MONEY INDIA
GE Money is one of the leading providers of financial services to
consumers and retailers in India, offering a range of innovative financial
products to suit its customers' needs. It has a strong retail distribution network in over 5,500 outlets across 60 locations and is a leader in a wide range of products including auto finance, two wheeler finance, consumer durable finance, personal loans and home equity loans. Strong operations backed by the latest information technology support the product lines. Its CRM program is among the most successful customer retention programs in India and a single database housing nearly 2.4 million customer accounts, latest technology, and centralized operations ensure the best service standards in the industry. With strong joint venture partners in Maruti and State Bank of India, GE Money continues to add value to its customers and partners in India.
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