From distribution to data: SBI Mutual Fund’s ongoing digital transformation

SBI Mutual Fund, one of India’s largest asset management companies, has been actively pursuing digital transformation for nearly a decade. With over 16 million investors and more than a crore Systematic Investment Plans (SIPs) processed each month, the company has required a long-term approach to updating its technology across operations.

According to RS Srinivas Jain, Chief of Strategy, Digital & Technology at SBI Mutual Fund, the motivation for digital transformation did not arise from industry pressure. Instead, it developed internally around 2015 when online banking and mobile usage started to increase. Before this, most customer engagement occurred through distribution partners. Recognizing the need for direct digital channels, SBI Mutual Fund first developed a transactional website and subsequently added app-based platforms. These front-end improvements were complemented by backend upgrades to manage increased traffic and operational complexity.

A significant turning point was the company’s integration with public digital infrastructure, such as net banking. This shift not only reduced costs and manual work but also made the onboarding and servicing processes more efficient. Jain pointed out that, at that time, many asset managers lacked even basic online platforms and relied almost entirely on business-to-business distribution.​