SBI Enhances Customer Experience with Upcoming YONO 2.0 Platform

Former SBI Chairperson Dinesh Khara announced on Thursday that the bank is developing a new version of its digital banking platform to better meet customer needs. Speaking at the Global Fintech Fest 2024, Khara, who retired on the same day, emphasised the importance of risk management in banking.

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YONO 2.0: Enhancing Digital Banking

Khara revealed that the bank initially designed YONO as a retail solution to replace internet banking. However, it has evolved to address all banking and financial needs. "We had envisaged YONO only as a retail solution and initially it was thought to replace internet banking but when we launched it, we thought that it should be much more than that, as it serves all banking and financial needs today. We're working on YONO 2.0 where it should be made more modular and faster in terms of processing," Khara said.

YONO currently boasts 80 million registered users, with nearly 10 million daily logins. Last year, the platform facilitated loans worth $1.7 billion and expanded its reach globally. Khara noted that this level of engagement is significant on a global scale.

Serving a Diverse Customer Base

SBI caters to 50 crore customers, representing almost one-third of India's population. Khara highlighted the need to consider various customer preferences amid the rise of digital lending. He stated, "SBI serves 50 crore customers today, which is almost one-third of the country's population and when we serve them, we have to take care of all kinds of customers and their preferences amid digital lending becoming increasingly popular."

Risk Management in Banking

Khara stressed that bankers must always keep risks in mind, even during prosperous times. "Mistakes are committed in the good times. Risk is always to be kept in mind for a banker. People tend to ignore the risk but it shouldn't happen," he said. He added that improved infrastructure and proper income flow assessments could prevent unsecured lending issues.

The development of YONO 2.0 aims to make the platform more modular and efficient, reflecting SBI's commitment to innovation in digital banking while maintaining robust risk management practices.