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SBI Eyes 20 Cr Users for YONO App
14 Dec
Summary
- SBI aims to double YONO app users to 20 crore in two years.
- New YONO 2.0 offers a unified digital platform for seamless banking.
- SBI forecasts 14% credit growth, driven by Retail, Agri, and MSME.
State Bank of India (SBI) has announced an ambitious goal to double its YONO app user base to 20 crore over the next two years. The launch of YONO 2.0 marks a significant upgrade, designed to offer a superior customer experience and a robust digital foundation for the bank. Full features are expected to roll out over the next six to eight months, promising a more integrated and efficient digital banking environment.
YONO 2.0 serves as a key pillar of SBI's digitalization strategy, featuring a common codebase for internet and mobile banking. This unification allows for seamless channel integration, enabling quicker deployment of new products and processes. The platform ensures a consistent customer journey, from account opening to transactions, across internet banking, mobile banking, and branch channels, aiming to enhance overall customer engagement.
Beyond digital expansion, SBI anticipates strong credit growth, projecting a 14% increase for the current fiscal year, primarily fueled by its Retail, Agriculture, and MSME (RAM) segments. The bank also believes it may not require additional equity capital to sustain this growth and maintain its capital adequacy ratio. Furthermore, SBI has reduced its lending rates in response to recent policy adjustments by the Reserve Bank of India.
