SBI bets on digital drive

Mumbai: The State Bank of India (SBI) is set to launch YONO, a digital service platform.

According to the bank, YONO, an acronym for You Only Need One, will be the first such integrated digital platform in the country that will offer financial services and lifestyle products. It will be launched by Union finance minister Arun Jaitley in New Delhi on Friday.

According to the country's largest bank, apart from various banking and financial services, YONO will help customers to book and rent cabs, purchase movie tickets, make dinner reservations, arrange travel and stay, and buy medical supplies.

The lender has joined hands with over 60 e-commerce players to provide customised offers and discounts. Some of these partners are Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus.

The SBI said in a statement that YONO was a comprehensive digital product developed using artificial intelligence, predictive analytics and machine learning and that it could be accessed through a mobile application and web portal.

With YONO, customers can open an SBI bank account digitally, transfer funds, avail themselves of pre-approved personal loans without any paperwork and also have a comprehensive view of their banking and financial portfolio with the SBI group.

The lender added YONO would also offer online purchase of insurance policies on the portal, without redirecting customers to the respective service provider.

"India is going digital at an unprecedented pace and we at the SBI have been taking significant strides in the digital banking space.

"With the launch of YONO, customers will be able to seamlessly access lifestyle offerings and financial services with a single user name and password," SBI chairman Rajnish Kumar said.

He added that the portal had been designed to offer maximum customer convenience where each journey has been designed with minimum possible clicks with easy to understand descriptions.

State Bank of India