State Bank of India (SBI) will launch an integrated banking and shopping platform on Friday. The country’s largest lender is looking to tap the new generation of customers and achieve cost efficiencies through the platform – said Dinesh Khara, President, YONO (You Only Need One App).
Speaking at a banking event organized by industry body IMC, Khara said that when the bank initially launched YONO, it was thought of as a distribution platform for retail segment products. He said, “During the journey, SBI was able to realize the potential of YONO for international operations, especially where we have retail operations. We can imagine its relevance for YONO business as well, and now we have implemented it in our agriculture segment. have begun to take advantage of.” .
“What we’re thinking now is how to integrate all these fragmented pieces of Yono and think about something like Yono 2, which is the next version of it. It’s something we’re working on And with it will come these more products soon,” Khara said. As per the Bank’s Annual Report for 2020-2021, as of March 31, 2021, YONO has over 7.96 crore downloads and around 3.71 crore registrations. The bank has added 40,000 foreign customers on the YONO platform by the end of March 2021. SBI is set to launch YONO in Singapore, Bahrain, South Africa and the United States of America by the end of the financial year 2021-22. Khara further said that SBI looks at technology from the point of view of overseeing its operations.