State Bank of India, the country’s largest Bank and MakeMyTrip.com, India’s leading Online Travel Company recently signed a Memorandum of Understanding, identifying areas of cooperation to expand the market for online travel services in India. This strategic association will enable both partners to capitalise on the opportunity presented by India’s burgeoning internet economy that is driven by boast in adoption of e-commerce and m-commerce. The two partners seek to unlock the array of business opportunities available in this segment across various spheres, by becoming integral to all the segments of the consumers’ lifecycle.
SBI is aiming towards driving synergies between banking and various other aspects of a customer’s lifecycle, including the travel segment and positioning SBI as the “go-to” bank for all of customers’ needs. MakeMyTrip is focused on expanding the travel market opportunity by driving the offline-to-online adoption in the Hotels & Packages business, and meeting the travel aspirations of Indian customers.
Speaking on the association, Smt. Arundhati Bhattacharya, Chairman, SBI highlighted, “Travel forms an integral part of a customer’s lifecycle and comprises almost 65 per cent of the total e-Commerce market today. Our alliance with MakeMyTrip will work towards providing value to each of the stakeholder along the entire value chain of travel and tourism business, starting from hotels, travel agents, tour operators besides the end-consumers and our customer-base.
SBI aims at becoming a “One Stop” solution provider for the entire range of financial needs of e-Commerce players as well as our customers in the market. In the digital era, it is very important that the Bank stays ahead of the curve and such strategic alliances are the steps towards the right direction.”