The State Bank of India (SBI), India’s largest bank, will unveil the country's first integrated digital banking and lifestyle platform tomorrow November 24 according to a statement from the public sector bank.
It will be launched by Union Minister for Finance and Corporate Affairs Arun in Delhi.
YONO ‘You Only Need One', will be India’s first digital banking platform. Besides a range of banking and financial services, it will offer customised and discounted products from over 60 e-commerce players by leveraging analytics, the SBI release said.
Amazon, Uber, and Airbnb are among some of those key e-commerce partners.
YONO will also be the first to offer online purchase of investment products and view of insurance policies within the portal without redirecting the customer to a respective service provider.
The app will allow customers to meet lifestyle needs across 14 categories, including medical, travel and stay, taxi booking, dining, and entertainment.
YONO allows customers to:
- Open a digital SBI bank account in less than five minutes
- Transfer funds in just four clicks
- Get overdraft facility against fixed deposit
- Single view of their SBI Group companies banking and financial portfolio
- Utilize Intelligent Spend Analyser
- Make use of conversational banking assistance from ‘Chatbot’
YONO utilizes artificial intelligence and other digital technologies such as machine learning, predictive analytics, and can be accessed through a mobile application and web portal.
YONO has been designed to offer maximum customer convenience and allows a seamless omnichannel customer experience. It can be accessed through mobile phones on Android and iOS, on the web through a browser.
The public sector bank believes the app will enhance their banking experience and help to increase engagement with their customers.