YONO is a novel digital banking platform unveiled by the State Bank of India (SBI) which translates into You Only Need One. This omni-channel offering enables customers to open savings accounts instantly, conduct remote financial transactions and also transact on the marketplace offered by the bank. SBI has been working on this initiative for almost two years and new features will be integrated almost every month.
This app will eventually facilitate all kinds of banking transactions with the exception of cash withdrawals. The back-end makes use of cutting edge technologies relating to predictive analytics, artificial intelligence and machine learning. Customers can apply for loans and get services and products offered by the SBI group organizations like SBI Mutual Fund, SBI Cards, SBI general and life insurance and SBI Capital Markets. Customers can also apply for auto and home loans online and those who have a track record of cash flows will be eligible for getting pre-approved and automated personal loans minus any paperwork whatsoever.
Savings accounts can be opened through viable authenticated based on the one-time password (OTP) and Aadhar. RBI has transaction limits without any biometric authentication. Once this biometric is conducted across any banking branch, there will be no more account limitations. The same account can be easily accessed through the app from branches and desktops alike. SBI is planning to integrate features from several mobile apps into the YONO application. The bank has tied up with more than 60 partners for enabling discounts and other freebies. Some of these partners are Ola, Uber, Amazon, Jabong, Myntra, Cox & Kings, Shoppers Stop, Yatra, Thomas Cook, Byjus, Swiggy and Airbnb.