The platform will be launched by Finance Minister Arun Jaitley on Friday in New Delhi, the bank chairman Rajnish Kumar said here today.
Yono, the first digital banking platform, allows customers to meet their lifestyle needs across 14 categories including booking and renting cabs, entertainment, dining experience, travel and stay etc.
An integrated app, YONO combines all pre-existing apps of SBI, including SBI Buddy into one app.
"Each of these is a major step in the replacement of a cash domnated economy with a more digitised one", he added, referring to YONO, the acronym for "You Only Need One", which will be the first digital banking platform to offer customised products and offers from over 60 e-commerce players by leveraging analytics, besides a range of banking and financial services.
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To provide the customised offers and discounts, SBI has partnered with e-commerce players including Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus.
"Customers will be able to seamlessly access lifestyle offerings and financial services with a single user id and password".
"This will be the first to offer online purchase and view insurance policies within the portal, without redirecting customer to respective service provider, and to seamlessly access and purchase investment products,"according to a SBI statement". He added that the portal was created to offer maximum customer convenience with minimum clicks and easy to understand descriptions.
Besides shopping with Yono, customers can open SBI bank account digitally in less than five minutes, transfer funds in just four clicks, avail of pre-approved personal loan sans any paperwork and get overdraft facility against fixed deposit. "We believe this app will help us increase engagement with our customers and enhance their banking experience", he said.
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