SBI YONO is one of the most popular banking apps in India.
New Delhi: State Bank of India (SBI), on Thursday (March 10), announced its plans to revamp its mobile baning application – YONO. The country’s largest state-owned lender said that the app will be revamped under the new rubric “ONLY YONO”.
SBI YONO is one of the most popular banking apps in India, with more than 54 million monthly active users (MAUs). The platform has witnessed more than 35 per cent growth in MAUs in 2021.
The public lender had launched the “You Only Need One (YONO)” app in 2017. With YONO, SBI served to digital banking and lifestyle needs of its crores of customers across the country.
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The bank plans to hire a consultant that will help the lender in laying out the plans while stressing on business goals in the coming five years. The move, according to SBI, is aimed at enhancing customer experience and ease of use.
SBI is currently expecting to implement the revamp of its mobile banking platform in the next 12-18 months. This includes the migrating of crores of existing Yono customers to the Only Yono platform.
“Only Yono is envisaged as the next generation of Yono which will make SBI ready to launch a completely digital bank with a leaner and modular architecture, more streamlined journeys, sleek and personalized customer-centric design and capturing value from ecosystems,” an SBI notice seeking consultants for the initiative reads.
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Previously, SBI was looking to spin off Yono into a completely separate subsidiary. Former SBI chairman Rajnish Kumar had said that the app alone could fetch over $40 billion in valuation.
