The country’s largest public-sector bank SBI has announced plans to launch an omni-digital platform called YONO, which stands for ‘You Only Need One’. As its name suggests, the platform is envisioned as a one-stop solution for all of the customer’s needs related to banking and lifestyle products/services.
Commenting on the development, the State Bank of India Chairman Rajnish Kumar said, “The aim is that a customer should be able to avail all the financial services through this channel except depositing or withdrawing cash.”
YONO: Bringing Banking And Lifestyle Under The Same Roof
At present, SBI spends over $463.4 Mn (INR 3,000 Cr) on setting up and maintaining ATMs. It spends an additional $463.4 Mn (INR 3,000 Cr). By moving to the YONO digital platform, the government-owned bank is also looking to cut costs to an extent.
Elaborating further, B. Sriram, Managing Director of Corporate and Global Banking at SBI added, “Bank is on digital mode. The customers will get enhanced experience and the bank will realise the cost efficiency.”
In addition to banking, YONO will offer customers access to lifestyle products and services across 14 categories such as booking and renting cabs, dining, entertainment, medical needs, travel and stay.
As per the official statement, SBI has already teamed up with more than 60 ecommerce companies to bring the latest offers and discounts to customers on YONO. Its partners include Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, among others.