State Bank of India’s (SBI’s) path breaking comprehensive digital service platform – YONO (‘You Only Need One’) has now touched the landmark of 20 million registered users.
Since its inception in November 2017, YONO has been gaining immense popularity among customers as the platform provides them an all-in-one solution for their banking, shopping, lifestyle and investment needs. In a little over two years, YONO SBI has partnered with more than 100 e-Commerce players across 20 plus categories. SBI through YONO has come up with various initiatives catering to all categories of customers that include YONO Krishi, YONO Global, YONO Cash, YONO Shopping Festival and the likes.
So far SBI has opened over 6.8 million SB accounts on YONO with customers having an option to open Digital Savings Account 24×7 with just 1-time branch visit for KYC. Through YONO SBI, the Bank is opening 20000 account every day. The YONO Cash has facilitated more than 5 million safe and secure card-less ATM transactions so far from 250000 touch-points across ATMS and merchant outlets. Bank also issued over 1 lakh SBI credit cards via YONO in the last two years.
Since launch, SBI has disbursed 8.70 lac Pre-approved personal loans amounting to Rs. 11530.70 cr on YONO and disburses around 4,000 loans per day. Also 3.4 lakh YONO Krishi Agri Gold Loans have been extended so far to the farmer customers.
On an average, SBI disburses almost 10,000 YONO Krishi Agri Gold Loans every day. YONO Krishi is also providing Mandi as an Agri-Input marketplace and Mitra as a knowledge hub, which covers farm advisory services, mandi prices for different commodities and weather updates. YONO SBI also encourages its users to impart investment habits along with taking care of their shopping and lifestyle needs. In a matter of 27 months YONO SBI witnessed around 4 lakh life insurance policies and 67,511 mutual funds being sold to customers.
Rajnish Kumar, Chairman, SBI said, “We are happy to see our flagship digital offering YONO reaching newer heights. The milestone of 20 million registered users is a testament of our customers’ trust and acceptance for YONO. We are glad that our effort and investment to design YONO is showing impressive results. We are aiming to on-board all our existing and new customers to YONO to provide them with a delightful shopping, banking and lifestyle experience all under one roof backed up with latest technological innovation”.
YONO SBI is on a journey of digital transformation. It has been an integral part of the bank for the past two years and is accepted greatly by the customers. The Platform has now reached global markets with YONO Global in UK. On the sustainability front YONO has been encouraging customers to contribute their reward points towards a cleaner and greener environment under the YONO Green Rewardz Points program.
In the last two years SBI through YONO has come up with diverse youth engagement initiatives such as YONO Shopping Festival – the first ever shopping festival by a bank in India, YONO inFINite (fintech conclave), YONO SBI Twenty Under 20 Awards that honours young talent ageing below 20 and Numero YONO – India’s biggest inter-college quiz competition.