State Bank of India launched a digital banking platform on 24th November, 2017. The app was launched by Finance Minister Arun Jaitley. ‘YONO’ is the name given to the app, which is an acronym for ‘You Only Need One’. The platform offers financial services and lifestyle products to the customers i.e the app will be one stop for all your needs. You Need Only One (YONO) – The platform available both through app and web, will allow customers with smartphones to conduct basic banking like opening an insta account (with limited facilities) with the bank as well as make investments. The platform users will also be able to shop at various online stores.
Privileged services will be provided from just one app. Loan applications, products and services of SBI group companies including SBI Cards, SBI Mutual Fund, SBI Capital Markets and SBI’s life and general insurance companies can be availed. Customers will also be able to make home loan and auto loan requests from the app. Customers who build a cash-flow track record in their accounts will be eligible from automated pre-approved personal loans without any paperwork.
The bank has partnered with over 60 e-commerce players to provide customized offers and discounts to customers. Some of the key e-commerce partners include Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus and many others.
Not only this, The features also include opening of a full-fledged SBI Savings Account instantly, Just by authenticating the account using Aadhaar and a one-time password.
According to the officials, This app will promote cost efficiency and online banking amongst the vast population. The cost to income ratio will also improve as the bank will go digital.
In Today’s Scenario, The percentage of the bank customers using digital banking is going up and currently stands at 36%. While more customers are going digital, percentage of ATM users is on a decline. It fell from 44% last year to 33%.
This move will surely help the customer to have a consolidated view of their financials with State Bank of India.