State Bank of India has launched YONO 2.0 and the bank aims to double the number of users to 20 crores, chairman CS Setty said at the launch on Monday.
“We currently have about 9.60 crore YONO customers and our ambition is to double the number of users to 20 crores. Also, leveraging technology, we believe, we can acquire customers at one-tenth the cost of branch, while still offering personalised experiences at scale,” Setty said.
Cost reduction
On the sidelines he said that he aims to touch this customer base in the next 2 years. This new version is expected to reduce cost to serve customers by 40-60%, accelerate digital credit through automated decision making and deepen wealth and insurance penetration.
Simplified KYC
The application will also help reduce traffic at a branch level by 20-30%, and improve productivity and long term profitability. The new version is currently available in English and Hindi and will also expand to 15 languages.
It also offers a simplified KYC and Re-KYC facility, eliminating the need for repeated verifications across products and services. “We are introducing 10,000 floor managers across the country for digital migration of our customers. We currently have about 3,500-4,000 people,” he said. For customers using YONO 1.0, the application will automatically be updated by the new version in the next 15 days.