The State Bank of India's (SBI) "You Only Need One" (YONO) is evolving into a digital bank within the bank, according to Chairman Dinesh Khara. He made this announcement at the Global Fintech Festival in Mumbai on September 5.
SBI launched YONO as its digital banking platform in 2017 to serve its 400 million customers. The concept of creating a super mobile app that encompasses all banking services and features, including e-commerce shopping, stemmed from the bank's ambition to establish a digital marketplace aimed at attracting a younger clientele.
Furthermore, Khara revealed that YONO generates a quarterly income of Rs 100 crore solely through third-party fees and commissions.
"We generate a quarterly income of Rs 100 crore through our YONO platform from fees and commissions associated with third-party product offerings," Khara stated.
Khara also emphasized that YONO has the potential to amass a book of Rs 30,000 crore through lending and other business activities.
Also read: SBI’s YONO marred by issues and customer complaints
"YONO has the capacity to grow a book to approximately Rs 25,000 crore to Rs 30,000 crore," Khara affirmed.
Earlier, in August 2023 and April 2023, Moneycontrol reported that some customers and non-customers of SBI faced issues with YONO. They complained on social media and other platforms issues around transactions, checking balances, doing know your customer (KYC), etc.
The lender, had in July 2023 launched a revamped version of YONO. It launched a multitude of unified payments interface (UPI) facilities, including scan and pay, pay by contacts, request money, and other facilities. The new version of the app also worked on improving the existing technical issues.
Also read: UPI123 Pay to help achieve 100 bn monthly transactions, says RBI official
“The YONO app has been revamped, keeping in mind the expectations of our customers for a seamless and pleasant digital experience,” Khara had earlier said.
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