SBI rolls out YONO 2.0 with common KYC, unified digital banking

One of the key changes in YONO 2.0 is that it simplifies KYC and re-KYC, eliminating repeated verification for multiple products and services.

The State Bank of India (SBI) has launched YONO 2.0, an upgraded version of its digital banking platform, merging mobile and internet banking. The update aims to enhance digital access for over 50 crore customer base, eight years after YONO's initial launch, the bank said on December 15.

The bank has about 9.60 crore YONO customers and aims is to double the number to 20 crore.

YONO has become a vital channel for customer acquisition and lending, with many new savings accounts opened and pre-approved personal loans disbursed through the platform.

YONO 2.0 is designed to be a simpler and lighter app, making it accessible on lower-end devices and in areas with weak internet connectivity.

The YONO 2.0 app enables users to manage finances, transfer funds, pay bills, and make UPI transactions, with a revamped payments stack to rival popular platforms like Google Pay and PhonePe.

YONO 2.0 unifies the mobile app and internet banking platform, sharing a common UI and tech backbone, enabling seamless transitions between devices. Customers, for instance, can now seamlessly resume an interrupted transaction on the YONO mobile app on internet banking, ensuring uninterrupted service.

The app boasts enhanced security measures, including transaction controls and a streamlined OTP process, designed to minimise payment delays due to network issues.

SBI's redesign focuses on enhancing cross-channel continuity, bolstering security, and boosting personalisation for a smoother customer experience.

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YONO 2.0 simplifies KYC and re-KYC, eliminating repeated verification for multiple products and services, a step intended to reduce friction in digital onboarding and usage.

At present, the app is available in English and Hindi, with plans to expand to 15 languages, enhancing accessibility for users nationwide.

The app also features financial management tools like spending analysis, smart recommendations, and a credit score simulator to help users track and improve their credit health.