SBI's revamped digital offering gets all group products, services on one app

The proposed digital service platform 'You Only Need One' (Yono) will offer everything related to financial services and lifestyle products and services with one app.

Published: 23rd November 2017 08:08 PM  |   Last Updated: 23rd November 2017 08:53 PM   |  A+A-

The logo of State Bank of India (SBI). (File photo | Reuters)

By PTI

MUMBAI: The State Bank will be launching a comprehensive digital platform with a view to provide all its services as well as its subsidiaries with just one app.

The platform will be launched by Finance Minister Arun Jaitley tomorrow in New Delhi, the bank chairman Rajnish Kumar said here today.

The proposed digital service platform 'You Only Need One' (Yono) will offer everything related to financial services and lifestyle products and services with one app.

On one hand, this platform is a customer interface but on back-end all the process which are in the bank are regrouped, redesigned and digitized, Kumar said.

"The idea is that customers should get enhanced experience when they deal with the bank at any of our touch- points, and it should also result into cost efficiency for the bank through manpower optimisation," Kumar said today.

Through the platform, customers can open an SBI account digitally in less than 5 minutes, transfer funds, avail of pre-approved personal loan sans any paperwork and get overdrafts against fixed deposits.

Kumar said all the financial services product from SBI and its subsidiaries-- SBI Life, SBI General, SBI Mutual Fund, SBI Caps and SBI Cards--will be integrated on the platform.

The products of SBI Life, SBI Cards and SBI Caps are already there on the platform, while SBI General and SBI Mutual Fund will be soon added.

Besides banking and financial services, the platform will allow customers to meet their lifestyle needs across 14 categories, including booking and renting cabs, entertainment, dining, travel & stay, and medical needs among others.

The bank has partnered with over 60 e-commerce players to provide customized offers and discounts to customers. Some of its key e-commerce partners include Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, among others.

The banks currently serves 42 crore retail customers of them nearly 2.6 crore use mobile banking and 4.3 crore use Internet banking.

"Today, 22 per cent of our transactions still happen at the branches. Of the remaining 78 per cent transactions, 36 per cent come from digital channels and the rest through ATMs.

"Going forward, I don't see any change in our branch transactions, but the proportion of digital may go up and ATMs may decline," Kumar said.

Yono can be accessed through mobile phones, both Android and iOS, and on the Web through a browser, and allows a seamless omnichannel customer experience.

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