SBI YONO revamps soon as lender plans to launch full digital bank

New Delhi: Given the rising digital trend, India’s largest lender National Bank of India (SBI) on Thursday announced plans to launch a full digital bank by revamping its banking app YONO and change it to ‘Only YONO‘.

The bank plans to roll out the update in the next 12-18 months, including migrating existing YONO customers to Only YONO. Launched in 2017, SBI YONO surpassed 70.5 million downloads as of March 31, 2021 and had a user base of 37.09 million. It has over 54 million monthly active users (MAUs).

Sharing its new plan, the bank notified, “Only YONO is envisioned as the next generation of YONO, which will allow SBI to launch a complete digital bank with a lean and modular architecture, more streamlined journeys, elegant and personalized design. customer-centric and capture the value of ecosystems.

“Although YONO has been adopted by customers at a very rapid pace, in order to consolidate its leading position, it was decided by the bank to give YONO an overhaul as Only YONO not only in terms of features and functionality, but also in terms of ease of use and customer experience,” the bank added.

To carry out its plan, the lender will hire a consultant to help develop the project plan, keeping in mind the business objectives for the next 5 years.

Meanwhile, in 2017, the bank considered turning Yono into a completely separate subsidiary. Former SBI Chairman Rajnish Kumar said at the time that the app alone could bring in more than $40 billion in valuation.

The YONO app offers seamless banking services. It functions as a supermarket for financial solutions ranging from mutual funds to joint venture partner investments and insurance products. Additionally, the app also acts as an online marketplace to meet the lifestyle needs of users in collaboration with merchant partners.