Reliance Jio, the telecom division of Reliance Industries Limited (RIL), and the State Bank of India (SBI) have recently agreed to broaden the scope of their existing digital partnership. This involves a strong focus on the accessibility of online banking services and better loyalty programmes. The customers of SBI, Reliance Jio, and Jio Payments Bank will reap the benefits of this widened joint venture.
Existing partnership between Reliance Jio and SBI
In April 2018, RIL and SBI entered into a joint venture of 70:30, to develop the Jio Payments Bank. After the success of this app, the commercial bank and the telecom company have decided to broaden their partnership.
Details of the extended partnership
Under this new agreement, Reliance Jio plans to integrate SBI YONO into the MyJio mobile application. SBI YONO is a digital platform that offers digital banking, commerce, and financial services, all in one place. Once the integration is complete, customers of the bank can access these features through the MyJio app.
With regards to the customer loyalty programme, SBI and Jio customers will benefit from Jio Prime. Jio Prime will soon offer exclusive deals from Reliance Retail, Jio, and other partner brands and merchants. Under the extended partnership, Jio Prime will also be integrated with SBI Rewardz, which is SBI’s loyalty programme. This will offer SBI customers opportunities to earn additional loyalty rewards and also wider redemption within Reliance, Jio, and more online and physical partner platforms.
Additionally, a joint statement between the bank and the telecom company stated that Reliance Jio will be SBI’s preferred partner for the bank’s design, network, and connectivity needs. With the help of Jio’s broad network in rural and urban areas, SBI plans to facilitate video-banking and other on-demand services.
Comments from both sides of the partnership
While commenting on the extended digital agreement, SBI Chairman Rajnish Kumar stated that the partnership is mutually beneficial for both parties. He stated that a digital bank like SBI is very pleased to partner up with Reliance Jio, which is a popular and successful network provider. Kumar further stated that the co-operation of both sides is expected to enhance the digital foot-print for the customers of SBI. This will be achieved by offering the best and most rewarding customer experiences possible.
When commenting on the extended partnership deal, Mukesh Ambani, the Chairman and Managing Director of RIL, stated that Reliance Jio intends to bolster SBI’s customer base, which is unmatched around the world. To make this possible, Jio will commit its network and platforms. Reliance Retail will also commit its ecosystem. This combination will aim to help SBI and Reliance Jio customers to adopt digital services to meet their consumer needs.
Summary
Reliance Jio and SBI have entered into an agreement to broaden the scope of their digital partnership. This involves a focus on online banking services and loyalty programmes to enhance customer experience and help accelerate the growth of the Indian digital atmosphere