State Bank of India (SBI) is set to launch a new integrated lifestyle and banking digital platform, dubbed YONO, which stands for ‘You Only Need One’.
The platform leverages artificial intelligence, predictive analysis and machine learning and can be accessed through Android and iOS platforms. The integrated app will allow custoners to open an SBI account in five minutes, make money transfers in four clicks, avail loans, get overdraft facility against fixed deposits, and access chat bots.
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The app will serve customers across 14 categories such as booking and renting cabs, entertainment, dining experience, travel and stay, as well as medical needs.
The bank has collaborated with Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, among others to provide various customised offers on YONO.
SBI chairman Rajnish Kumar said: “With the launch of YONO, 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.
“We believe this app will help us increase engagement with our customers and enhance their banking experience.”
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By GlobalData
