SBI Bank (UK) New Service Design and Innovation Process of Deposits and Lending Services

Individual Assessment

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Explain about the SBI bank (UK), New Service Design and Innovation process of deposits
and lending services. .............................................................................................................1
(2.) Challenges and issue faced by the banking sector while sustaining and developing the
innovative procedure..............................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES ...............................................................................................................................9

INTRODUCTION
This report discuss about the SBI bank (UK) which provide financial assistance to the
customer of the bank and other banking service like; accepting deposits, lending loans and
provide safe deposit lockers to the bank which assist the customer to save the money in their
respective accounts and it also perform loan providing facility to the individuals and
businessman's which have a account with bank or those who haven't account with
bank(Alexandre-Collier, Goujon and Gourgues, 2020). Basically this also tells about the new
service design of the bank it includes deposits and lending service of the bank. For increasing
these services bank use some innovation technique to attract number of consumer into their bank
but there are some major challenges and issues which affect the sustaining and developing of
innovation procedure of the SBI bank (UK).
MAIN BODY
1. Explain about the SBI bank (UK), New Service Design and Innovation process of deposits and
lending services.
A bank is also known as financial institution which have a license to accept deposits and
it provide loan to the customer they also provide financial services which involves prosperity
management, safe deposits lockers and exchange of currency. There are many different types of
banks are involved like retail banks, commercial banks, investment banks and corporate banks.
In many nations banks follow all the rules and obligations of the country government or the
central bank. Basically all the banks are mainly control by the central bank because it was the
father of all banks and provide an assistant to the banks (Ashta and Biot‐Paquerot, 2018).
Banks plays a very important role in the economy because they provide essential services for
both customers and companies. It is a financial service provider for the customer and business
persons they give them a secure place to store the money. In this concept it also discusses about
the various kinds of accounts like; current account, saving account and fixed account basically
this helps the individual to keep them money safe and can withdraw the cash at any time at
anywhere. In these account a customer of bank performs daily transactions like accepting
deposits, withdrawals money, writing cheque and bill payments. It can also save your money and
provide interest on the deposited money to the customer. Banks also provide credit opportunities
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to the individuals and entities. They lend the money which customer deposit into their bank and
provide others in a form of long term debt for a car loan, credit card facility, mortgages and other
loanable vehicles. This procedure assists to create liquidity in the market. Which make the
money and sustain the supply. The main goal of every bank is to earn profit for its proprietor. In
many banks the owner of the banks are the shareholders. Banks create more earnings by charging
high interest on the debts and other loans they issue to the borrowers of the bank. In other words,
it can easy to describe by giving one example: if a bank provides 1.5% interest on savings
account and charges 5% on interest for loans then it clearly shows that the bank earns 3.5% for
its owners. In the above topic it has choose to discuss the activity of that bank that is SBI bank
(UK) basically the SBI bank (UK) also performs the same task like accepting deposits, providing
loan and provide safe locker deposit to their customer. It also regulates and perform the activity
under the rules and obligations of central bank of UK. Now, its discuss about the new service
design of the SBI bank (UK)and its tell about the service which they provide to their customer
that is deposits and lending. From very first it's important to know the concept of new service
design basically it mainly concentrate on the overall service experience and the design of the
service supply procedure and plan. In other words, it describes that this the procedure of
planning and organizing individual, communication and material factors of a service within
respondent business activity to better service quality and show the difference between the service
provider and the consumer (Boyer, 2019).
Deposits and lending facility of the SBI bank (UK)
In this concept its basically describe the deposit and lending facility of the SBI bank (UK) that's
why they are the financial service provider which provide accepting deposits and loan facility to
those individual who needs a finance for some purpose. On the other hand, bank accept the
deposits in a form of three accounts and it includes; saving account, current account and fixed
account. In saving account bank accept the money from an individual and provide some rate of
interest on deposited amount, In current account this deposits are mainly from the businessman
only business transactions are accepted in a form of deposits, Last one is fixed deposits in this an
individual can deposit its money for a long term purpose and after the completion of time period
they can withdraw the amount and in fixed deposits bank also provide some fixed rate of interest
in it(Dwyer, 2019). If it talk about the procedure for lending of money in SBI bank (UK) is they
provide loan to the individuals as well as the businessman's also but they charge some rate of
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