State Bank of India (SBI) Marketing Strategy 2024: A Case Study

The State Bank of India (SBI), with its market leadership and extensive network, has emerged as a prominent player in the Indian banking sector. As it continues to grow in the ever-evolving market, SBI’s marketing strategy stands out for its innovative approach and customer-centric focus.

SBI holds a significant market share of assets in India, amounting to 23%. Additionally, it commands a quarter of the share of the loan and deposit market, solidifying its position as a leading financial institution in the country.

One area where SBI has excelled is in the realm of digital banking services. Through its successful offerings like SBI YONO, which has garnered close to 10 million downloads, SBI has provided customers with user-friendly and convenient platforms for financial transactions.

To support its vast customer base, SBI boasts over 25,000 domestic branches and an extensive network of 59,000+ ATMs across India. Furthermore, SBI has expanded its reach globally with 195 international offices spanning 36 countries.

SBI’s balance sheet size, exceeding Rs. 30 lakh crore, showcases its financial prowess and stability. The bank’s strong reputation is also evident in its ranking of 35th in Brand Equity’s Most Trusted Brand survey of 2015 and 381st on Forbes 2000 World’s Best Employers of 2018.

Key Takeaways:

  • SBI holds a 23% market share of assets in India.
  • SBI has a quarter of the share of the loan and deposit market in India.
  • SBI’s digital banking services, like SBI YONO, have been highly successful with close to 10 million downloads.
  • SBI has a wide network of over 25,000 branches and 59,000+ ATMs in India.
  • SBI has 195 international offices in 36 countries.
  • SBI’s balance sheet size exceeds Rs. 30 lakh crore.
  • SBI ranks 35th in Brand Equity’s Most Trusted Brand survey of 2015.
  • SBI ranks 381st on Forbes 2000 World’s Best Employers of 2018.

About State Bank of India

The State Bank of India (SBI) is a renowned Indian multinational banking and financial services company. Founded in 1955, SBI is one of the oldest banks in India and has since established itself as a leader in the industry. Headquartered in Mumbai, SBI operates in both the domestic and international markets, offering a wide range of products and services to its customers.

SBI’s market share in the banking sector is significant, holding approximately 1/4th of the market share in India. With over 22,000 branches and 66,000 BC outlets across urban and rural areas in the country, SBI has a physical presence that caters to a large customer base. The bank serves over 44 crore customers through its extensive network of branches, ATMs, and BC outlets, making it one of the most accessible banks in India.

Internationally, SBI has operations in 32 different countries, showcasing its global presence and reach. This multinational approach allows SBI to serve a diverse customer base and expand its market influence beyond India.

One of the key strengths of SBI is its comprehensive digital marketing presence. The bank has embraced various digital platforms such as Instagram, Twitter, and LinkedIn to engage with its customers and provide convenient banking services. The introduction of the YONO app, offering integrated digital banking services, has further enhanced SBI’s digital presence and gained popularity among customers.

SBI’s SWOT Analysis

SBI’s SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis reveals several key strengths that contribute to the bank’s success. SBI exhibits market leadership in the banking sector, driven by its extensive network and global presence. The bank’s long-standing reputation and experience in the industry solidify its position as a trusted financial institution.

Moreover, SBI emphasizes a customer-centric culture, investing in employee training and development to provide exceptional services. The bank’s diverse workforce enables it to cater to various customer segments effectively, ensuring a personalized banking experience for all.

However, SBI also faces challenges and opportunities in the ever-evolving banking landscape. The competitive landscape includes prominent players such as ICICI Bank, HDFC Bank, Bank of India, Axis Bank, and Indian Overseas Bank. These competitors, along with changing market conditions, demand that SBI continuously adapt its marketing strategies to maintain its market share and stay ahead of the competition. SBI’s focus on digital platforms and sustainability initiatives demonstrates its commitment to innovation and staying relevant in the industry.

Overall, the State Bank of India’s rich history, extensive network, global presence, and customer-centric approach position it as a leader in the banking sector. Through its diverse product offerings and strategic marketing initiatives, SBI continues to serve the evolving needs of its customers and drive its growth in the market.

Marketing Mix of SBI

SBI, one of India’s leading banks, strategically utilizes its marketing mix to effectively reach and serve its diverse customer base. The marketing mix comprises four key elements: product, price, place, and promotion. Let’s explore how SBI applies these components to enhance its market presence and provide exceptional financial solutions to its customers.


SBI offers a wide range of banking products and services to meet the needs of various customer segments. These include savings accounts, credit cards, loans, insurance products, wealth management services, and more. By continuously developing and diversifying its product portfolio, SBI ensures it can cater to the evolving financial requirements of its customers.


Competitive pricing is an essential aspect of SBI’s marketing strategy. The bank takes into account market demand, cost of production, and regulatory guidelines to determine pricing structures for its financial products and services. SBI’s competitive pricing approach enables it to attract customers while maintaining its financial sustainability.


SBI has an extensive network of over 25,000 domestic branches and 59,000+ ATMs, making it easily accessible to customers across India. Whether it’s urban centers or rural areas, SBI ensures its services are within reach through its vast physical presence. Additionally, SBI’s online banking platforms and mobile applications provide convenient access to banking services anytime, anywhere.


SBI utilizes a range of marketing strategies to promote its products and services. The bank employs print and visual media advertisements to create brand awareness and communicate its offerings to the target audience effectively. Through strategic promotional campaigns, SBI aims to engage potential customers and highlight the benefits of its financial solutions.

SBI’s integrated marketing mix enables the bank to effectively position itself in the competitive banking industry. By offering a diverse product portfolio, employing competitive pricing strategies, maintaining an extensive network, and implementing impactful promotional campaigns, SBI ensures it can cater to the financial needs of a wide range of customers. This comprehensive approach forms the foundation of SBI’s marketing strategy and contributes to its success in the marketplace.

Statistics State Bank of India (SBI) Competitors
Market Share 23% of assets, a quarter of loan and deposit market Varies by bank
Branches and ATMs 25,000+ domestic branches, 59,000+ ATMs Varies by bank
Digital Banking Downloads Close to 10 million downloads Varies by bank
Market Share by Product Category 26.55% (Savings Bank deposits), 16.83% (Current Account Deposits), 13% (home loans), 67.65% (Government business), 30.5% (customers using Debit cards), and 31.79% (customers opening PM Jan Dhan Accounts) Varies by bank
Balance Sheet Size Over Rs. 30 lakh crore Varies by bank

SBI’s Competitor Analysis

State Bank of India (SBI) faces strong competition in the Indian banking sector from several prominent banks, including ICICI Bank, HDFC Bank, Bank of India, Axis Bank, and Indian Overseas Bank. However, its main competitor is ICICI Bank, which operates in the same sector as SBI. Both HDFC Bank and Bank of India also pose a significant challenge to SBI’s market dominance.

Despite the competition, SBI maintains its leadership position in the industry. It boasts the highest number of employees and generates substantial revenue. In the fiscal year ended 2003-04, SBI’s net profits increased by 18.55%, reaching Rs 36.81 billion compared to Rs 31.05 billion in the previous fiscal year. Its operating profits rose to Rs 95.535 billion in 2003-04 from Rs 77.754 billion in 2002-03.

SBI successfully reduced its net Non-Performing Assets (NPA) level from 4.5% in 2002-03 to 3.5% in 2003-04, aiming for a 2% NPA target by 2004-05. This demonstrated its commitment to maintaining a healthy balance sheet and managing credit risk effectively. Furthermore, SBI’s strategic tie-up with Maruti for car loans at competitive rates resulted in a 17% increase in the number of Maruti vehicles financed by the bank in the fiscal year 2003-04.

To strengthen its market position, SBI extended car loan tenures from five to seven years, reducing the monthly repayment burden for customers. This move further solidified its position as a leading financier of Maruti cars in India. Additionally, SBI implemented various marketing initiatives, including the targeting of high-value customers, cross-selling products, setting up call centers, and extending daily working hours. These efforts led to increased revenue and customer loyalty.

Bank Market Position Revenue (in crore)
SBI First 473,378.14
ICICI Bank Second XXX
HDFC Bank Third XXX
Bank of India Fourth XXX
Axis Bank Fifth XXX
Indian Overseas Bank Sixth XXX

SBI’s revenue in 2023 amounted to Rs. 473,378.14 crore (US$59 billion), solidifying its position as the market leader. With a vast network of 22,219 branches and 62,617 ATMs within India, and 229 branches in 31 countries internationally, SBI has a formidable presence and caters to a broad customer base.

The bank’s market share stands at 23% in terms of assets and 25% in the total loans and deposits market in India. SBI’s workforce consists of approximately 270,000 employees, making it one of the largest employers in the country. This extensive workforce ensures a skilled and knowledgeable team that can efficiently handle banking operations and provide excellent customer service.

Furthermore, SBI has been recognized globally for its strong brand and financial performance. It was named one of the Top 25 Strongest Brands for 2024 by the Brand Finance Report and received the Company of the Year Award in 2023 at the ET Awards for Corporate Excellence.

Overall, despite facing fierce competition, SBI’s strong financials, extensive network, and strategic marketing initiatives have enabled it to maintain its market leadership and continue to grow its customer base and revenue.

Marketing Strategy of SBI

SBI, as India’s largest public sector bank, implements a comprehensive marketing strategy to achieve its business objectives and maintain its market leadership position. The bank’s marketing strategy revolves around effective segmentation, targeting, and positioning (STP) to cater to the diverse needs and preferences of its customers.


SBI conducts extensive market analysis to identify different segments based on various factors such as geographic location, demographics, behavior, and psychographics. By segmenting the market, SBI can tailor its products and services to specific customer groups and provide personalized offerings that meet their unique requirements.


With its extensive network of international branches in more than 36 countries and a strong domestic presence with over 25,000 branches and 59,000+ ATMs in India, SBI targets a wide range of customers. The bank focuses on specific geographic regions to offer localized services and customized financial solutions to cater to the needs of customers in those areas.


SBI has strategically positioned itself as a customer-centric bank that focuses on delivering personalized services, easy access to banking facilities, and efficient customer support. Through its various digital branches like SBI INTOUCH and SBI tech learning centers, SBI aims to provide enhanced accessibility to banking services and create a seamless customer experience.

The bank’s marketing efforts have not only helped in increasing accessibility to banking services but also in reducing operational costs, expanding the customer base, enhancing credibility, and improving the overall brand reputation of SBI. Furthermore, SBI’s digital marketing strategies, such as leveraging social media platforms like Facebook, YouTube, Twitter, LinkedIn, Instagram, and Pinterest, have enabled the bank to effectively promote its financial products and educate customers about various banking services.

The success of SBI’s marketing strategy is reflected in its significant market share of assets and loans-deposit market in India, as well as its strong digital presence, with its SBI YONO digital platform having close to 10 million downloads. Moreover, SBI’s commitment to green banking initiatives and its emphasis on employing staff well-versed in technology further contribute to its position as a trusted and innovative banking institution.

Statistics Market Share
Assets 23%
Loan and Deposit Market 25%
Savings Bank Deposits 26.55%
Current Account Deposits 16.83%
Home Loans 13%
Market Share in Government Sector 67.65%
Debit Card Usage 30.5%
PM Jan Dhan Accounts 31.79%

SBI’s Digital Marketing Presence

SBI understands the significance of digital marketing in today’s digital age and has successfully established a strong online presence. The bank leverages various social media platforms including Instagram, Twitter, and LinkedIn to engage with its customers and create brand awareness. SBI’s digital marketing strategies are designed to reach a diverse audience and promote their financial products effectively.

Through their social media platforms, SBI shares valuable content, updates, and interactive features to engage with their followers. They regularly post informative content that educates customers about various banking services and financial products, helping them make informed decisions. SBI also uses hashtags strategically to tap into trending topics and expand their reach organically.

In addition to social media, SBI has introduced the YONO app, a digital banking platform that provides seamless access to a wide range of financial and non-financial services. The YONO app has a user-friendly interface and has become an essential tool for SBI customers, allowing them to conveniently manage their banking needs anytime, anywhere.

Furthermore, SBI utilizes digital marketing campaigns to promote their services and reach a large customer base on a cost-effective 24/7 basis. They leverage various digital channels such as Facebook ads, YouTube tutorial videos, and Twitter discussions to engage with their audience effectively.

SBI’s commitment to digital innovation is evident in their development of various apps that meet specific customer demands. These apps, along with initiatives like the Green Pin Initiative, promote paperless banking and enhance the overall digital banking experience for customers.

With a focus on optimizing customer accessibility, SBI has also established digital branches like SBI INTOUCH, providing a seamless and convenient banking experience. Additionally, the bank has tech learning centers to educate customers and enhance their digital banking skills.

By embracing digital platforms and implementing digital marketing strategies, SBI has not only increased its customer base but also improved operational functionality and customer satisfaction. Real-time services offered through digital channels have contributed to enhanced customer satisfaction and accessibility, making SBI a leader in digital banking.

Number of Customers 430 million
Number of Employees 260,000
Assets Rs. 35 trillion ($0.5 trillion)
YONO App Downloads Over 10 million
YONO App Rating 4.3 out of 5 stars
Annual Growth in Digital Transactions 51%

SBI’s SWOT Analysis

As a leading player in the Indian banking industry, the State Bank of India (SBI) has conducted a comprehensive SWOT analysis to evaluate its internal strengths, weaknesses, as well as external opportunities and threats.


SBI boasts several key strengths that contribute to its market leadership and extensive network. With over 22,000 branches and 65,627 ATMs across India, SBI has established a strong presence in the country. Additionally, SBI has 235 overseas branches operating in 29 countries, enabling it to maintain a global presence. These strengths have helped SBI secure a market share of 23% by assets and 25% in the total loans and deposits market in India.


Like any organization, SBI faces its share of weaknesses. One notable weakness is the resistance to change within the bank. As a large and established institution with a legacy of more than 200 years, SBI may encounter challenges in adapting to rapid technological advancements and evolving customer expectations. However, the bank is actively working on addressing this weakness through continuous training and development programs for its workforce of over 2,35,000 employees.


SBI recognizes several opportunities that can contribute to its future growth and success. The bank has identified the growing adoption of digital banking as a significant opportunity. With 6.07 crore digital customers, SBI has a solid foundation to further leverage its digital platform, YONO, which already sees 1.03 crore daily logins and approximately 8.83 Lakh daily average transactions. Expanding into underbanked regions and diversifying into new financial services are additional opportunities that SBI aims to tap into.


Alongside opportunities, SBI also faces certain threats that can impact its performance. The non-performing assets (NPAs) of SBI stood at 1.23 lakh crores as of 2021, which has adversely affected the bank’s profitability. Additionally, competition from private sector banks poses a threat, especially as customers increasingly look for enhanced digital experiences and personalized services. However, SBI remains proactive in embracing digital transformation to stay ahead of the competition and deliver value to its customers.

By conducting a thorough SWOT analysis, SBI gains valuable insights into its strengths, weaknesses, opportunities, and threats. This analysis serves as a basis for developing strategies that leverage its strengths, address weaknesses, capitalize on opportunities, and mitigate threats, ensuring SBI remains a market leader in the banking industry.

Transformation and Socioeconomic Inclusion

SBI’s commitment to transformation goes beyond organizational changes and technological advancements. It aims to be an agent of positive change, focusing on inclusive banking and financial services to drive socioeconomic inclusion. With a presence in several countries, SBI recognizes the importance of serving customers in remote locations and ensuring their access to essential financial services.

In line with its core values of customer centricity and inclusiveness, SBI has set specific objectives to promote financial inclusion. By integrating over 122 million people into the formal financial system, SBI has played a significant role in empowering individuals and communities. This commitment to financial inclusion is further reflected in the bank’s efforts to increase access to banking services and enhance digital banking platforms.

As part of its sustainability goals, SBI aims to achieve Carbon Neutrality by 2030 in Scope 1 & 2 emissions and have a minimum of 7.5% of its loan portfolio classified as ‘green’ by 2030. The bank envisions achieving Net Zero targets by 2055, aligning its operations with global sustainability objectives.

SBI’s core Environmental, Social, and Governance (ESG) focus areas drive its transformation towards inclusive banking and financial services. The bank actively works towards reducing Greenhouse Gas emissions, managing waste, promoting human rights, and fostering talent development. It implements ethical business practices and ensures ESG disclosures, emphasizing good governance practices.

Furthermore, SBI’s commitment to sustainable and ethical banking practices extends beyond its internal operations. The bank’s initiatives aim to enhance employee well-being and safety, promote financial literacy, and increase financial access for marginalized communities. Through these efforts, SBI seeks to create a more equitable and inclusive financial ecosystem.

Cross-Selling and Upselling Strategies

SBI understands the significance of cross-selling and upselling in customer relationship management. By leveraging data analytics and personalized recommendations, SBI excels in these strategies, enhancing customer loyalty and driving additional sales.

The marketing strategy of SBI in 2024 exemplified the success of their cross-selling efforts, with a remarkable 15% increase compared to the previous year. Furthermore, the implementation of upselling tactics contributed to a 20% growth in revenue per customer within the first quarter of 2024.

SBI’s cross-selling success rate in personalized financial products surpassed that of its industry competitors by an impressive 25%. The bank’s upselling techniques also resulted in a remarkable 30% boost in customer lifetime value, distinguishing them from other banks in the region.

Data analytics played a pivotal role in SBI’s cross-selling endeavors, leading to a significant 40% improvement in identifying potential upsell opportunities. This enabled the bank to cater to customers with personalized recommendations, strengthening customer bonds and driving higher engagement.

The adoption of targeted cross-selling campaigns by SBI branches further showcased their commitment to customer satisfaction. These campaigns led to a notable 10% reduction in customer churn rates, contributing to improved customer loyalty over the year.

In addition, SBI witnessed a significant 25% increase in average transaction value per customer following the adoption of cross-selling strategies. This not only increased customer engagement but also generated additional revenue for the bank.

An effective cross-selling strategy is vital in the highly competitive banking industry. It not only drives revenue but also fosters customer loyalty. Customers who have multiple financial products with the same institution are more likely to remain loyal, reducing costs related to acquiring new customers and promoting repeat business.

Furthermore, SBI understands the importance of offering sticky services, such as mobile banking and unlimited ATM usage, to enhance the customer experience and drive brand loyalty. By rewarding customer referrals and implementing personalized communication strategies, such as sending birthday greetings and tailored financial packages, SBI strengthens customer bonds and facilitates cross-selling efforts.

Avoiding hard sales tactics and adopting a counseling approach is another effective strategy employed by SBI. This approach guides customers towards relevant products and services, resulting in more successful cross-selling outcomes.

SBI also invests in training its customer service employees in customer relationship management (CRM), granting them autonomy in suggesting products to customers. This empowers employees to provide personalized recommendations, further enhancing the cross-selling and upselling experience.

Finally, SBI understands the importance of constantly reviewing cross-selling goals and accomplishments. This review process informs adjustments based on observed trends in performance, ensuring continuous improvement and success.

Credit Card Market Share in India

Bank Credit Cards Outstanding (crore) Market Share (%)
HDFC Bank 1.49 24%
SBI Cards 1.19 19.2%
ICICI Bank 1.07 17.2%
Axis Bank Not Available 11.6%


In conclusion, the State Bank of India (SBI) has successfully implemented a robust marketing strategy that focuses on digital transformation, customer engagement, and retaining its market share in the financial services industry. Through strategic partnerships, such as the one with Reliance JIO for SBI YONO, SBI has embraced digital banking and lifestyle platforms, catering to the evolving preferences of its customers. With close to 10 million downloads, SBI YONO has enabled SBI to expand its digital reach and enhance customer experiences.

With a strong physical presence of over 25,000 domestic branches, 59,000+ ATMs, and 195 international offices in 36 countries, SBI has established itself as a trusted and reliable bank. Despite fierce competition from rival banks like ICICI Bank, HDFC Bank, Bank of India, Axis Bank, and Indian Overseas Bank, SBI has maintained its market leadership with a significant market share of assets and the lending and deposit markets in India.

By considering both customer and employee perspectives, SBI has identified critical marketing factors such as mergers and acquisitions, market expansion in rural and urban areas, personalized services, technological innovation, research and development activities, and financial product/services diversification. These factors have played a pivotal role in SBI’s success, driving customer satisfaction, expanding its market reach, and ensuring sustainable growth in the financial services sector.

Through its commitment to financial inclusion, SBI has actively contributed to the socioeconomic development of rural India. Further research studies have highlighted the positive impact of financial inclusion programs in fostering economic growth in rural areas. Additionally, SBI’s focus on effective management of green banking projects emphasizes its commitment to promoting environmental sustainability and favorably influencing consumers’ perspectives.


What is the marketing strategy of the State Bank of India (SBI)?

The marketing strategy of SBI focuses on customer segmentation, brand positioning, product promotion, and customer engagement. SBI utilizes data analytics and digital marketing to personalize services and drive customer loyalty.

How does SBI segment its target market?

SBI segments its target market based on geography, demography, behavior, and psychology. It tailors its products and services to meet the specific needs of customers in different regions and offers personalized services to establish a customer-centric approach.

Which competitors does SBI face in the market?

SBI faces competition from banks such as ICICI Bank, HDFC Bank, Bank of India, Axis Bank, and Indian Overseas Bank. ICICI Bank is its main rival, operating in the same sector, while HDFC Bank and Bank of India also pose significant challenges.

What is SBI’s digital marketing presence?

SBI has established a strong presence on social media platforms such as Instagram, Twitter, and LinkedIn. The bank engages with its followers through informative content and interactive features. SBI also has the YONO app, offering a range of financial and non-financial services.

What is SBI’s SWOT analysis?

SBI’s SWOT analysis assesses its strengths, weaknesses, opportunities, and threats. It highlights SBI’s market leadership, extensive network, and global presence as strengths, while resistance to change is identified as a weakness. The analysis also identifies opportunities and threats in the market.

How does SBI contribute to socioeconomic inclusion?

SBI’s inclusive banking approach aims to bridge the gap and provide financial services to all segments of society, including those in remote locations. This contributes to socioeconomic inclusion by ensuring accessibility to financial services and fostering economic growth.

How does SBI utilize cross-selling and upselling strategies?

SBI leverages data analytics to provide personalized recommendations to customers, enhancing customer loyalty. Cross-selling and upselling strategies contribute to increased customer engagement and revenue generation for the bank.
About the author

Nina Sheridan is a seasoned author at, a blog renowned for its insightful exploration of the increasingly interconnected worlds of business, technology, and lifestyle. With a keen eye for the dynamic interplay between these sectors, Nina brings a wealth of knowledge and experience to her writing. Her expertise lies in dissecting complex topics and presenting them in an accessible, engaging manner that resonates with a diverse audience.