Country’s largest lender State Bank of India will revamp its banking application “YONO” and position it as a complete digital bank under new rubric “ONLY YONO” for enhancing customer experience and ease of use.
It plans to rope in a consultant to help to draw the project plan keeping in mind business goals for the next five years. With 54 million monthly active users (MAUs), SBI YONO has seen a growth of over 35 per cent in MAUs in 2021.
The gamut of advisor’s work would cover the launch with focus on continuous innovation, adoption strategy, speed of delivery of new journeys, to positioning as a digital bank, senior bank official said.
The customer experience has to be taken as top priority to present ONLY YONO as a competitive product/platform in the market. It would migrate the customer to digital customer and improve the Cost to Income ratio of the bank. Officials did not provide time-lines for making the app a complete digital bank.
The concept of digital bank is self-defined by the individual Banks. However, recently NITI Ayog published a paper on licensing of digital banks which may lead to guidelines by the regulator – Reserve Bank of India - to establish a variety of digital banks, senior SBI executive said. The digital bank is expected to have leaner and modular architecture with more streamlined journeys, sleek and personalised customer centric design capturing value from ecosystems and also improve cost to income ratio.
SBI launched "You Only Need One (YONO)" in 2017 as a digital application catering to the banking as well as lifestyle needs of customers in a seamless omni-channel manner.
It has three facets namely a digital bank for seamless & intuitive banking services. Secondly, work as superstore for financial solutions from mutual funds to investments and insurance products of joint venture partners. And finally, act as an online marketplace for fulfilment of lifestyle needs in collaboration with merchant partners.
The design of ONLY YONO is expected to have strength to roll out multiple journeys and bring the improvements quickly to meet the business expectations and maintain Banks competitive edge in the retail segment.
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