MUMBAI: State Bank of India chairman Challa Sreenivasulu Setty said technology-led banking cannot succeed without investing in people, leadership and skills, as the country’s largest lender accelerates its technology overhaul.
“Human capital will continue to remain central to our transformation journey,” Setty said in the “way forward” section of the bank’s FY26 annual report released Wednesday.
“In an era where technology is reshaping banking at an unprecedented pace, investing in people, leadership, skills, and organisational capability becomes even more critical,” Setty said, adding that SBI would continue strengthening its through focused capability development and future-ready learning frameworks.
Setty’s remarks stand in contrast to a growing trend among global banks to use artificial intelligence-led restructuring to cut jobs. On 19 May, Standard Chartered chief executive Bill Winters said the bank would replace “lower-value human capital” with technology as it announced eliminating nearly 8,000 jobs over the next four years.
The remarks triggered backlash globally, prompting Winters to issue a public apology on 22 May for the “upset caused” to employees, Reuters reported.
The comments also come as SBI simultaneously undertakes a sweeping technology-led overhaul across customer onboarding, operations, lending, wealth management and digital servicing.
Rather than positioning automation as a substitute for workers, SBI’s annual report framed technology and workforce capability as complementary pillars of transformation.
The report highlighted the bank’s transition towards a skill-based talent management framework, alongside efforts to strengthen succession planning and prepare employees for a workplace shaped increasingly by AI-human collaboration.
Alongside its people strategy, Setty outlined an aggressive technology roadmap for the lender.
“Going forward, our strategic priorities will remain firmly centred around strengthening our ‘Digital First, Customer First’ approach,” he said. “We will continue investing in technology, data analytics, artificial intelligence, cybersecurity, and digital infrastructure to create a more intelligent, agile, and responsive banking ecosystem.”
SBI said nearly 99% of its transactions are now routed through digital channels, while the lender’s YONO app crossed 100 million registered users during FY26. The bank also launched YONO 2.0 with a sharper focus on hyper-personalized customer experiences.
Setty said the next phase of transformation would focus on creating “deeply personalised, seamless, and intuitive banking experiences across all customer segments and channels.”
At the same time, the chairman stressed that physical banking would remain an important pillar of the institution’s strategy despite rapid digitalization.
“Our endeavour will be to integrate the strength of our branch network with the speed and convenience of digital platforms, thereby creating a truly omni-channel banking experience for our customers,” he said.
SBI has also sharpened its focus on liability mobilization, SME ecosystems, climate finance and wealth management. The bank institutionalized its ABCD (All Branches to Contribute to Deposits) framework aimed at strengthening Casa (current account and savings account) mobilisation and deposit resilience.
On sustainability, Setty said and responsible financing would increasingly shape global finance. SBI expanded its green lending portfolio across renewable energy, and climate technologies during FY26, and launched Chakra, a dedicated financing and knowledge platform for climate-focused sectors.
with standalone net profit rising 12.88% year-on-year to ₹80,032 crore, while total business crossed ₹109 trillion, underscoring the scale at which the lender is attempting to balance technological transformation with workforce development.