State Bank of India has unveiled the nation’s first integrated lifestyle & banking app called the YONO app. YONO refers to the acronym ‘You Only Need One‘. Union Finance Minister Arun Jaitley has launched the digital mobile application.
According to the State Bank’s official release, YONO will be the first digital banking platform to offer customized products and offers from over 60 e-commerce players by leveraging analytics, besides a range of banking and financial services.
“YONO will also allow customers to meet their lifestyle needs across 14 different categories including booking and renting cabs, entertainment, dining experience, travel and stay, medical needs and so on,” Concluded the Statement.
To provide customers best offers and discounts, the state-owned SBI has collaborated with e-commerce companies like Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy, and Byjus.
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Rajnish Kumar, SBI Chairman, said during a conference here today that the portal has been designed to offer maximum customer convenience and that the product has been developed by SBI using artificial intelligence, predictive analysis and machine learning. It can be accessed through both Android and iOS platforms.
Apart from the SBI Users, the Non-State Bank Users can also download and use the YONO application. Like other Apps, the SBI YONO Digital App can be downloaded from the Google Play Store. State Bank Users can easily open their SBI savings bank account and process loans using this app.
P.K Gupta, MD of SBI said, “It is practically a digital bank, but it is part of SBI. RBI rules limit transaction without bio-metric authentication. There won’t be any restrictions on the account for which bio-metric verification completed. Customers need to complete the bio-metric process in any branch.’
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