Friday, Apr 19 2024 | Time 06:57 Hrs(IST)
image
Business EconomyPosted at: Oct 21 2016 4:40PM


SBI Card customer base grows to 4 million

New Delhi, Oct 21 (UNI) SBI Card today announced that it has achieved a milestone of four million customers, thus strengthening its position as one of the leading card issuers in the country.
In addition, the company has witnessed a growth of nearly 40 per cent CAGR in spends between FY11-12 and FY15-16, well-above the industry growth of about 25 per cent CAGR in the same period.
Speaking on the occasion, Vijay Jasuja, CEO, SBI Card, said, “We are delighted that 4 million customers have placed their trust in us. Our values of transparency and customer centricity and commitment to quality and innovation have resonated with customers. We are constantly innovating to develop payment solutions that meet changing consumer needs and provide a rewarding experience to our cardholders. We believe our consumer focused approach to business and ethos of trust, transparency and innovation in everything we do has driven our growth.”
He added, “We look forward to extending industry leading, tailored payments solutions, which complement evolving needs and lifestyles, to many more consumers. In the past five years, we have grown at a CAGR of close to 40 per cent, well above the industry growth rate. With continued endorsement from our customers, we expect to sustain this growth and our target is to add over 1 million customers by September 2017."
SBI Card has expanded its portfolio in the last two years with addition of new products like SBI SimplyCLICK Card, a unique card designed for today`s online generation, and SBI Card ELITE, the premium flagship card aimed at providing high net worth customers with benefits and privileges that complement and reward their premium lifestyle.
The company has recently entered into a partnership with State Bank of India to offer SBI Card ELITE to eligible SME customers of SBI, thus accelerating expansion of premium customer base. The company has also partnered with banks such as Federal Bank, South Indian Bank and Lakshmi Vilas Bank among others to provide co-branded cards to customers.
E-commerce has also emerged as a key propeller of growth. SBI Card`s overall spends has been growing at a rate of 30-35 per cent while growth of online spends stands at over 50 per cent. The SimplyCLICK SBI Card, which provides the most rewarding online shopping experience to consumers through a tie up with eight strategic e-commerce players i.e. Amazon India, BookMyShow, Cleartrip, FabFurnish, Food Panda, LensKart, Ola and Zoomcar, has become a significant contributor to the company`s overall portfolio.
UNI ADP SW NS1635
Please log in to get detailed story.
Tags: #SBI Card customer base grows to 4 million
More News

Bajaj Auto net profit at Rs 1936 cr in Q4; clocks all-time high revenue in FY24

18 Apr 2024 | 6:46 PM

New Delhi, Apr 18 (UNI) Two wheeler auto major Bajaj Auto on Thursday announced 29 percent jump in its revenue in Q4 (January-March) at 11,485 crore, led by the broad based buoyancy that was sustained on the domestic business and aided by steady exports.

see more..

Entering share market can boost growth of SMEs: Infopark event

18 Apr 2024 | 6:31 PM

Kochi, Apr 18 (UNI) Small and marginal companies in Kerala enjoy immense scope for growth by entering the stock market, experts said at an Infopark-organised event here on Thursday.

see more..

18 Apr 2024 | 6:09 PM

New Delhi, Apr 18 (UNI) Angle One, a retail stock broking house in India, today announced 31 per cent jump in net profit at Rs 340 crore during Q4 of the last financial year over Rs 260.3 crore in the previous quarter.

see more..

Microsoft and ByteXL join hands to Present HackXcelerate 2024 at CBIT in Hyderabad

18 Apr 2024 | 5:57 PM

Hyderabad, Apr 18 (UNI) Microsoft, a global technology leader, has joined hands with ByteXL, a pioneering EdTech platform, to present HackXcelerate 2024, a nationwide hackathon aimed at igniting creativity and enhancing problem-solving skills among students.

see more..

Honda Motorcycle & Scooter India inaugurates new Engine Assembly Line for CKD exports

18 Apr 2024 | 5:46 PM

Gurugram, Apr 18 (UNI) Honda Motorcycle & Scooter India (HMSI), one of the country’s leading two-wheeler manufacturers, has announced a significant milestone in its journey.

see more..
image