YONO: SBI to unveil India’s first integrated digital platform

State Bank of India (SBI), the largest commercial bank in India will soon launch country’s first integrated lifestyle and banking digital service platform named YONO (acronym for ‘You Only Need One’).
YONO is first digital banking platform that will allow customers to meet their lifestyle needs across 14 categories including booking and renting cabs, entertainment, dining experience, travel and stay etc.

Key Facts

YONO is path-breaking comprehensive digital product of SBI, developed using world’s latest digital technologies such as Artificial Intelligence, Predictive Analytics and Machine Learning.
The integrated omni-channel digital platform will offer an array of banking and financial services which can be accessed through mobile phones, both android and iOS and web portal through a browser. It will allow customers with smart phones to conduct basic banking like opening an instant account (with limited facilities) with as well as make investments. It will also enable it users to shop at various online stores.
SBI will also use platform to sell its cards, life and general insurance and mutual funds etc. In future, it also plans to approve retail loans through this platform as well. SBI has tied up with over 60 merchants across 14 categories like healthcare, lifestyle, hospitality and auto among others for YONO.

Month: Current Affairs - November, 2017