Overview:

State Bank of Mauritius Limited (SBM India) is a subsidiary of State Bank of Mauritius (SBM), a leading banking and financial services organization based in Mauritius. SBM India was established in 1994 and is headquartered in Mumbai, India.

The bank offers a range of financial products and services, including retail banking, corporate banking, and trade finance services. Some of the services offered by SBM India include savings and current accounts, fixed deposits, home loans, personal loans, car loans, and credit cards. The bank also provides foreign exchange services, remittances, and other international banking services.

SBM India has a strong presence in India with a network of branches across major cities, and provides a range of banking services to individuals, small and medium-sized enterprises (SMEs), and large corporations. The bank is committed to providing high-quality banking services and delivering sustainable growth and value to its stakeholders.

SBM is the first foreign bank to receive a banking license from Reserve Bank of India (RBI) and to establish a universal banking business in India through the Wholly Owned Subsidiary (WOS) mode.

Further to obtaining banking license in January 2019, the Indian entity was looking for an innovative digital platform. Although a platform was part of the Core Banking solution, the Bank was not satisfied with its features, and hence approached Modefin for a proposal. After understanding the bank’s unique requirements, Modefin custom-designed an end-to-end digital platform with the following modules: SBM Mobile: Banking on-the-go with a smart phone. Facilitates transfer of funds online through NEFT, IMPS & RTGS. The software incorporates two-factor authentication for every transaction. Enables a single view across Current, Savings, Term Deposit and Recurring Deposit accounts. SBM Internet Banking: Facility available for Personal Banking and Corporate customers. Registration and Internet Banking account activation in three easy and secure steps. The secure and intuitive Internet banking platform allows customers to transact from their smartphone, tablet or computer.

Implementation Process:

Ever since the inception of Indian operations in 2019, the focus was to create a differentiated proposition in the Indian Banking sector. Towards this goal, the management took a decision to invest in scalable technology as well as customizable multiple channel delivery platforms such as the digital platforms designed by Modefin. This was in line with SBM’s global strategy to deliver “banking” and not just the “bank” with focus on accessibility (secure and dependable), affordability (competitive rates and solutions) and availability round-the-clock for every category of customers. To create visibility for SBM Mobile and Internet Banking, the Bank launched an email campaign and a social media campaign which helped create awareness and initiate sign ups. Dedicated support was available through phone and email for customers from the time of registration and until they gained familiarity with the use of the platforms. Videos were hosted on the Bank’s website which presented a step-by-step user guide.

Some of the tools and best practices adopted during the implementation were:

• A total of 3 resources were deployed for the project.
• Continuous integration process with GIT/Gerrit/Jenkins Code analysis tools.
• Test cases created by quality assessment team to ensure all scenarios are covered.
• Release of build only after quality assessment signoff.
• Detailed sessions on client requirements with change in flow or screens clearly captured to avoid any rework.

Benefits Achieved:

• The solution Integrates seamlessly with Aadhar, the Core Banking System and all other 3rd party systems.
• The implementation provided a Digital Platform integrated with UPI payment system and Bharat Bill Pay System (BBPS).
• The integration of a Card Control API module enabled cardholders to track how, when and where their cards are used.

Key Facts:

• Bank Name: State Bank of Mauritius, India (SBM)
• Bank Founded In: 1994
• Bank HQ: Maharashtra, India
• Vendor Name: Modefin
• Solution Implemented: Modefin Omnipresence Eco System Banking Platform (OEBP)