FM to launch SBI's first comprehensive digital service platform, YONO

State Bank of India (SBI) is all set to launch India's first comprehensive digital service platform, YONO, which stands for 'You Only Need One'.

An integrated omni-channel digital platform that offers just about everything related to financial services and lifestyle products, YONO will be launched by Union Finance Minister Arun Jaitley in New Delhi on November 24.

Offering the millennials banking and financial services, YONO will allow its customers to meet their lifestyle needs across 14 categories including booking and renting cabs, entertainment, dining experience, travel and stay, medical needs and so on.

For the digital platform, SBI has partnered with over 60 e-commerce players to provide customized offers and discounts to its users.

Some of the key e-commerce partners include Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, among others.

"Customers will be able to seamlessly access lifestyle offerings and financial services with a single user id and password. The portal has been designed to offer maximum customer convenience where each journey has been designed with minimum possible clicks with easy to understand descriptions," said chairman SBI, Rajnish Kumar.

"We believe this app will help us increase engagement with our customers and enhance their banking," added Kumar.

YONO is a path breaking comprehensive digital product from SBI developed using the world's latest digital technologies such as AI, predictive analytics and machine learning.

With YONO, customers can open a bank account with SBI digitally in less than five minutes, transfer funds in just a few clicks, avail pre-approved personal loan sans any paperwork, get overdraft facility against fixed deposit, have one view of their banking and financial portfolio of SBI Group companies, benefit from intelligent spend analyser, and utilise conversational banking guide through 'Chat bot'.

The service platform can be accessed through mobile phones, both android and iOS, and on the web through a browser. It allows a seamless omni-channel customer experience.