SBI launches digital banking-cum-shopping platform 'YONO'

State Bank of India (SBI) has launched a comprehensive lifestyle and financial services platform called YONO (you need only one) for its customers.

The country’s largest public sector bank is hoping to attract young customers through the all-in-one comprehensive mobile app, which will be officially launched by Finance Minister Arun Jaitley today.

Available on mobile app and web portal, SBI will use YONO platform to sell its cards, life and general insurance and mutual funds among others. In future, the lender also plans to approve retail loans through the app as well.

Within 24 hours of its launch, the YONO app has amassed over 50,000 downloads as per Google Play Store statistics.

Besides, the platform users will also be able to shop at various online stores to meet their lifestyle needs across 14 categories including booking and renting cabs, entertainment, dining experience, travel and stay, medical needs etc.

It’s here! From banking needs to lifestyle desires, conduct all transactions with one fabulous new app. Clear the clutter and learn more about YONO by SBI. Download Now: https://t.co/v3Ipj04VLB #YouOnlyNeedOne! pic.twitter.com/adSfAkrTfi

— State Bank of India (@TheOfficialSBI) November 24, 2017

The SBI said the product employs the latest digital technologies such as artificial intelligence (AI), predictive analytics and machine learning.

SBI also owns a digital wallet called SBI Buddy and has apps for almost all its services. Over a dozen different apps will be integrated into YONO.

“The app will be a one stop shop for all and will keep adding new features to it in the next 14 months,” SBI chairman Rajnish Kumar said, adding that the bank had been working on the app since September 2016, reported BusinessLine.

“We have already brought cards, life insurance and securities on the app,” Kumar said. General insurance and mutual funds will be brought onboard over the next 30 days.

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

At present, SBI has 2.5 crore mobile users and 4.2 crore internet banking customers. By going digital the bank aims to bring business outside bank branches.

In September, in a major push towards digitisation SBI, announced to enable its customers to make payments by tapping their smartphones on swipe machines through SBI card app by using a technology called ‘Host Card Emulation' (HCE).

Recently, the bank rolled out beta launches of blockchain-enabled smart contracts, which will go live by next month. These applications are part of BankChain, a community of 27 banks, which have joined hands to explore and build blockchain solutions for banking. Blockchain-enabled KYC (Know Your Customer) will soon follow the suit.