The country’s largest public sector bank, State Bank of India (SBI), has taken another big step towards digital banking with the launch of YONO 2.0.
Through this upgrade, SBI has redesigned its entire digital banking journey and clearly stated that technology will now play a key role in improving customer experience.
At present, SBI has around 96 million YONO users, and the bank aims to increase this number to 200 million.
SBI believes that most banking activities in the future will be done through mobile phones and digital platforms, which is why it is strengthening its systems now.
A New Approach to Digital Banking
SBI says that YONO 2.0 is not just an app update but a major change in the digital banking ecosystem. Customers will now get a uniform experience across all platforms, whether they use the mobile app or internet banking.
To achieve this, SBI has developed a unified banking backend system. This means all digital platforms will run on the same technology, resulting in faster services and better overall performance.
Technology Helps Reduce Banking Costs
According to SBI, the use of technology has sharply reduced the cost of acquiring new customers. Digital onboarding now costs one-tenth of traditional branch-based methods, making banking more affordable and efficient.
The bank’s chairman said that about 65 percent of SBI savings accounts are now opened digitally. As a result, footfall has decreased at 80 to 90 percent of SBI branches compared to earlier times.
Simplified KYC and Less Need for Branch Visits
YONO 2.0 introduces Simplified KYC and Re-KYC, allowing customers to avoid repeated document verification.
This feature is especially useful for those who want to reduce frequent visits to bank branches. SBI’s focus is to ensure that most banking tasks can be completed easily through mobile devices.
Multi-Language Support for All Users
Currently, YONO is available in Hindi and English, but SBI plans to roll it out in 15 Indian languages soon. The bank believes that language should never be a barrier to digital banking.
The app’s interface remains consistent across platforms, making it easy for even first-time users to navigate.
Focus on Green Banking and Sustainability
YONO 2.0 also promotes green banking by introducing features like Carbon Footprint Tracking and Green Score.
These tools help customers understand how their banking activities impact the environment. SBI has highlighted that environmental responsibility is just as important as financial services.
Technology Partner and Future Plans
YONO 2.0 has been developed by TCS. SBI has clarified that it does not currently plan to monetize YONO, as the focus remains on empowering customers.
Work has already begun on YONO 3.0. In addition, SBI will deploy 10,000 floor managers at branches to help customers shift smoothly to digital banking.
