Eight years after launching its digital banking platform YONO (You Only Need One), State Bank of India (SBI) is all set to launch the YONO 2.0 version on December 15.
“With YONO 2.0, we plan to drive a simple, intuitive digital journey,” C S Setty, chairman, State Bank of India, told FE, adding that the platform aims to blend security, personalisation, and scale.
The current version has 100 million customers who will be fully migrated to the YONO 2.0. It has been built to service double the number of existing users. “Our vision is to serve 200 million customers with unmatched efficiency,” added Setty.
He also explained that by leveraging technology, the bank can acquire customers at one-tenth the cost of a branch, while still offering personalised experiences at scale. In addition, the platform’s multilingual design further broadens accessibility across India’s diverse population.
New Features
The new version will have several new features, including allowing customers to choose the channel that is convenient for them. For example, currently customers have to be internet bank users to use YONO 1.0. In the new version, they can directly use the app — one need not be a net banking customer to become a mobile banking customer.
“YONO 2.0 is designed to give customers choice, convenience, and confidence. From biometric security to multilingual access, we are ensuring that every Indian feels at home in our digital ecosystem,” said Setty.
On iOS, YONO 2.0 users will enjoy the convenience of Face ID, while on Android, biometric authentication will be available. For those who prefer alternatives, MPIN and other secure login options remain available.
Technological Reinvention for Seamless, Personalised Service
The platform represents a technological reinvention, with code rewritten across net banking, YONO, and branch banking to ensure uniform product launches and a channel-agnostic customer journey, enabling customers to move seamlessly between digital and physical touchpoints.
Combining marketing technology, the platform promises more personalised and hyper-personalised services tailored to individual customer profiles in the app as well as on the net. Banking will be available based on the customer’s profile, which the SBI chairman believes is really game-changing.