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FM Arun Jaitley to launch SBI YONO, a smart banking platform

YONO will be integrated as an omni-channel digital platform to offer just about everything related to financial services and lifestyle product & services

India’s largest bank State Bank of India is all set to launch a comprehensive digital service platform called “YONO” acronym for ‘You Only Need One’. According to bank official, the YONO will be integrated as an omni-channel digital platform to offer just about everything related to financial services and lifestyle product & services. The official launch is scheduled to take place at the hands of the Union Minister for Finance and Corporate Affairs, Arun Jaitley in Delhi on 24th November 2017.

In addition to an array of banking & financial services, YONO will also allow customers to meet their lifestyle needs across 14 categories including booking & renting cabs, entertainment, dining experience, travel & stay, medical needs, said SBI. The bank has partnered with over 60 e- players to provide customised 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, among others.

“YONO is a path breaking comprehensive digital product from SBI developed using the world’s latest digital technologies such as Artificial Intelligence, Predictive Analytics and Machine Learning and can be accessed through a mobile application and web portal,” said SBI.

With YONO, one can open an SBI bank account digitally; transfer funds in just four clicks; avail of pre-approved personal loan; get overdraft facility against fixed deposit; have one view of their banking and financial portfolio of SBI Group companies; benefit from intelligent spend analyser; and utilise conversational banking guide through ‘Chat bot’.

YONO will be the first digital banking platform to offer customised products and offers from over 60 e-commerce players by leveraging analytics. This will also be the first to offer online purchase and view of insurance policies within the portal, without redirecting customer to respective service provider, and to seamlessly access and purchase of investment products, claims SBI.

YONO can be accessed through mobile phones, both android and iOS, and on the web through a browser, and allows a seamless omni-channel customer experience.

“With the launch of YONO, customers will be able to seamlessly access lifestyle offerings and financial services with a single user id and password. The portal has been designed to offer maximum customer convenience where each journey has been designed with minimum possible clicks with easy to understand descriptions. We believe this app will help us increase engagement with our customers and enhance their banking,” Rajnish Kumar, Chairman, SBI said in a statement.

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