YONO 2.0: SBI Will Offer Instant Loans With Zero Documents Based On User Profiles, Analytics (No Branch Visit Needed!)
The country’s largest lender, State Bank of India (SBI) has announced working on developing a new version of netbanking portal and mobile app YONO (You Only Need One App).
Speaking at a banking event, SBI’s chairman Dinesh Khara informed that due to the massive traction of SBI’s YONO platform, it has started using the platform for its agriculture segment, which was initially launched to serve SBI’s retail segment platform.
Khara also added that SBI is looking into integrating all the bits and pieces of YONO’s functionalities in different sectors and plans of releasing the next version of Yono, much like Yono 2 are currently on the table.
SBI Yono Version 2.0
At a banking event organised by the industry body IMC, SBI chairman Dinesh Khara informed upcoming plans on expanding the bank’s digital platform Yono to international markets and working on launching a newer version for it.
Khara informed that Yono was initially launched (in November 2017) as a distribution platform for retail segment products.
However, it gained much traction in all segments and opened new operations for SBI.
Khara said, “During the course of the journey, SBI could realise Yono’s potential for international operations, particularly where we have the retail operations. We could visualize its relevance for Yono business also, and now we have started leveraging it for our agriculture segment.”
He added that plans are currently being worked upon to integrate different segments of Yono and come up with the next version of the app, something like Yono 2.0. Khara informs that SBI is currently working on it and will be launched with new services and products soon.
According to SBI’s annual report for 2020-2021, Yono has recorded more than 7.96 crore downloads and about 3.71 crore registrations, as of March 31, 2021.
YONO to Launch in Singapore, USA and More
As of March 31, 2021, Yono has about 40,000 overseas customers onboard.
As a result, SBI is working towards launching the app in international markets, like Singapore, Bahrain, USA and South Africa by March 2022.
The bank has started leveraging analytics for profiling the customers and to reach out to customers. It is also leveraging analytics for management and mitigation of risks, states a wire feed.