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YONO 2.0, merges mobile and internet banking, enhancing access for 50 crore customers with simplified KYC and financial management tools
Unlike India, mobile banking apps have become the go-to apps for financial services across the globe. In India, payment apps are bigger than neobanking apps as the lack of regulatory approval hinders the latter’s growth
Confident of delivering another year of 14 –16 percent annual growth in FY26, Setty said that the country’s largest bank is perhaps an aberration on the positive side, to witness an equally robust corporate loan book growth as its retail book
The new version of the bank’s mobile banking app, expected to be released by July, will ensure an omnichannel experience for customers, says Challa Srinivasalu Setty
Earlier, the bank said that it will soon launch its' Yono Global' in Singapore and the US, offering digitalized remittance and other services to its customers.
Currently, the app is available in nine countries — Britain, Bahrain, Bangladesh, Canada, Mauritius, Maldives, Nepal, Sri Lanka and South Africa.
Chairman Dinesh Khara said that YONO earns a quarterly income of Rs 100 crore only through third-party fees and commission.
The country’s largest bank had in July 2023 launched a revamped version of You Only Need One (YONO) which introduced new features and improved the existing technical issues.
State Bank of India launched its digital interface YONO in 2017 with the aim of attracting millennials and digitising banking for its more than 400 million customers
Clearly, it has been a dream performance by SBI in the nine months of FY22 (9M FY22)
While the staggering rally so far was mainly driven by the expansion in valuation multiples, we see earnings growth to lead further upside.
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The disruptions in HDFC Bank’s and SBI’s digital transactions show banks still have a lot of catching-up to do on the technological front. Banks should invest in analytics capability to get insights on customers and traffic to predict intelligently when there would be a surge and a downtime, says an expert.
SBI has assured its customers that steps are being taken for restoration of uninterrupted services.