YONO that stands for “You Only Need One”, is an Omni-digital platform that is envisioned as a one-stop solution for all the SBI customer’s needs starting from online shopping, making investments and opening an instagram account.
The integrated programme is launched today, 24th November, 2017. The country’s largest bank is going to prick the new generation and planning to gain cost efficiencies through the latest platform. The YONO platform will be available both as a mobile application and on web and will enable the customer to open an instagram account, purchase from various online store and many more.
The app will be a one stop shop and new features will keep adding to it for the next 14 months. The largest lender bank had tied up with over 60 merchants covering 14 categories like health, hospitality, healthcare and auto among others. To name a few merchants currently on board are Amazon, Myntra, Ola, Uber, Carat lane and Apollo Pharmacy.
SBI is going to utilise the app to advertise its credit/debit cards, mutual funds and life and general insurance policies. The bank is also planning to facilitate retail loans through the app.
At present SBI has 4.2 crore internet banking customers and 2.5 crore mobile users. SBI chairman Rajnish Kumar said that through this platform they will be able to access business outside the bank branches as well. The cost to income ratio will also improve once they go digital.