Washington D.C.: In what marks a watershed moment for Indian banking, the State Bank of India has clinched the coveted ‘World’s Best Consumer Bank 2025’ title from Global Finance magazine, becoming the first Asian institution to achieve this distinction.
The announcement came during the magazine’s annual awards ceremony at the National Press Club in Washington, held alongside the IMF and World Bank Annual Meetings on October 18. SBI Chairman C.S. Setty was on hand to accept the honor, which recognizes the bank’s achievements in digital transformation and its push to bring banking services to India’s rural heartland.
Breaking New Ground
Joseph Giarraputo, who founded Global Finance, didn’t mince words in his praise: “Focused on customer engagement, digital transformation, and expanding accessibility, SBI has secured its leadership role in consumer banking.”
What makes this win particularly significant is the bank’s sheer scale of operations. With over 520 million customers and adding 65,000 new accounts daily SBI has managed to modernize its services while maintaining its traditional strength in financial inclusion.
The Digital Push
Speaking at the ceremony, Chairman Setty emphasized how technology has become central to the bank’s strategy. The bank’s YONO platform has crossed 90 million users, with more than 65% of new savings accounts and over 40% of personal loans now originating through digital channels.
But it’s not just about the numbers. Setty pointed to innovations like vernacular voice banking and round-the-clock digital support as key to reaching customers in semi-urban and rural areas who might otherwise be left behind by the digital revolution.
Looking Ahead
When asked about future growth, Setty was optimistic: “Domestically, SBI already has unparalleled reach, but we see significant headroom to grow further in consumer banking across India’s length and breadth.” Global Finance Magazine
The bank’s retail loan portfolio has been expanding at 11-14% quarterly, driven largely by housing loans. But Setty also highlighted international ambitions, particularly in markets with large Indian diaspora populations, where the bank’s YONO Global platform is helping it serve customers even without a major physical presence. Global Finance Magazine
AI and the Human Touch
Perhaps most intriguingly, Setty described how artificial intelligence is reshaping the bank’s approach to customer service. Rather than simply pushing generic offers, SBI is moving toward what he calls “anticipatory customer service” using AI and analytics to predict what customers might need before they ask for it.
At the same time, physical branches are being reimagined as advisory hubs, with routine transactions migrating to digital channels. Global Finance Magazine It’s a balancing act that many large banks struggle with, but SBI seems to be pulling it off.
The Bigger Picture
The award comes from a publication with considerable clout in banking circles Global Finance reaches about 50,000 readers across 193 countries and has been rating banks for nearly four decades. New Kerala The magazine evaluates institutions across more than 150 countries, making this a genuinely global competition.
For a public sector bank to win this title is particularly noteworthy. It challenges the perception that government-owned institutions can’t compete with private sector banks on innovation and customer service.
As India’s economy continues its ascent, SBI’s global recognition couldn’t come at a better time. The bank isn’t just keeping pace with change it’s increasingly setting the pace for others to follow.
