SBI to revamp banking app YONO, position it as complete digital bank

State Bank of India will revamp its banking application (app) YONO and position it as a complete digital bank (DB) under a new rubric ‘Only YONO’ for enhancing customer experience and ease of use.

The bank plans to bring in a consultant to help draw up the project plan, keeping in mind business goals for the next five years. With 54 million monthly active users (MAUs), SBI YONO has seen growth of over 35 % in MAUs in 2021.

The gamut of the advisor’s work will cover the launch, with focus on continuous innovation, adoption strategy, speed of delivery of new journeys, and positioning it as a DB, said senior SBI executive. The bank has issued an expression of interest to appoint an advisor.

The customer experience has to be taken up on priority to present Only YONO as a competitive product/platform in the market. It will improve the cost-to-income ratio of the bank, said the executive, but did not provide a timeline for making the app a complete DB.