SBI Update: SBI's digital masterstroke, YONO 2.0 has been launched..

State Bank of India (SBI), the country's largest public sector bank, has taken another major step in the direction of digital banking. SBI has revamped its entire digital banking journey with the launch of YONO 2.0. The bank clearly states that the customer experience will now be further enhanced through technology.

Currently, SBI has 96 million YONO users, and the bank aims to increase this number to 200 million. SBI believes that in the future, most banking will be conducted on mobile and digital platforms, which is why the system is being strengthened now.

Preparing to Present Digital Banking in a New Way

SBI has launched YONO 2.0 not just as an app update, but as a complete transformation of its digital banking approach. The bank says that customers will now receive a consistent experience across all platforms, whether it's the mobile app or internet banking.

For this, a unified backend system has been developed, ensuring that all digital platforms operate on the same technology. This will not only increase speed but also improve service quality.

Technology Reduces Customer Acquisition Costs
SBI stated that technology has significantly reduced the cost of acquiring new customers. Compared to branches, a new customer is now being acquired at 1/10th the cost. Digital customer acquisition has made banking cheaper and faster.

According to the bank's chairman, approximately 65 percent of savings accounts at SBI are now being opened digitally. This is why footfall in 80 to 90 percent of branches has decreased compared to before.

Easy KYC and Relief from Repeated Verification

YONO 2.0 offers simplified KYC and Re-KYC facilities. This means that customers will not need to undergo repeated document verification. This feature is especially beneficial for users who want to avoid frequent visits to branches. The bank's focus is on enabling customers to complete as many tasks as possible on their mobile devices. A Consistent Experience Across All Languages
Currently, YONO is available in Hindi and English, but SBI is preparing to launch it in 15 Indian languages ​​soon. The bank believes that no customer should be left out of digital banking due to language barriers. A consistent user interface has been maintained across all platforms so that even new users can use the app without any difficulty.

Green Banking and Carbon Footprint Tracking
YONO 2.0 also focuses on green banking. Features like Carbon Footprint Tracking and Green Score have been added. These features will allow customers to see how their banking habits are impacting the environment. SBI says that responsibility is as important as banking.

TCS Technology and Future Plans
YONO 2.0 has been developed by TCS. SBI has clarified that there are currently no plans to make YONO a source of revenue. The focus is solely on empowering and strengthening customers. Interestingly, SBI has also started working on YONO 3.0. In addition, 10,000 floor managers will be deployed in branches to assist customers with digital migration.

Conclusion
With the launch of YONO 2.0, SBI has made it clear that the future of banking will be completely digital. Easy KYC, multi-language support, green features, and a strategy to acquire customers at a low cost can propel SBI forward. In the coming years, YONO could become the backbone of Indian banking.

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