SBI to launch upgraded YONO 2.0 on Monday

Kolkata: YONO, the digital banking platform of the State Bank of India, the largest banking institution of the country is going to get a new upgraded version rolled out on Monday, December 15. Incidentally, the YONO platform was launched eight years ago by SBI. The new version will be called YONO 2.0 and is expected to feature more personalised and hyper-personalised services tailored to individual customer profiles, said the bank's officials.

Significantly, right now YONO has nothing fewer than 10 crore users. They will be fully integrated into the new version. YONO 2.0 will be able to service the needs of at least 20 crore users. “Our vision is to serve 200 million customers with unmatched efficiency... With YONO 2.0, we plan to drive a simple, intuitive digital journey,” C S Setty, chairman, State Bank of India, was quoted in the media as saying.

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Justifying the bigger role of efficient digital platforms from the point of view of the bank's efficiency, the SBI chairman said by utilising the digital technology skillfully they can onboard customers at just 10% of the cost of enlisting a customer at a physical branch. Advanced technology can also offer personalised experiences at scale on the digital platforms. There is another great but understated utility -- the multi lingual nature of the platforms can help address wider audience and customer base.

YONO 2.0 will have several new features such as allowing customers to choose the channel that is convenient for their use. For example, YONO 2.0 won't need a customer to be a net banking customer to become a mobile banking customer, in contrast to the needs in the current version YONO 1.0. It will also feature biometric security. “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,” Setty told the media.

The new version will also be user-friendly for iPhone users. Users of YONO 2.0 on Apple phones can have the convenience of face ID. But for Android phone users, biometric authentication will be offered for security. Those who don't want biometric security, there will be other options such as MPIN and other login options like user ID and passwords.

YONO 2.0 represents a technology-packed offering. Bank officials promise that it will a channel-agnostic customer journey, enabling customers to move seamlessly between digital and physical touchpoints. The code is rewritten across net banking, YONO and branch banking, they point out. Banking will be available based on and tailored to the customer’s profile, pointed out Setty.