“We currently have around 9.60 crore customers using the YONO app and our ambition is to double this number to 20 crores. We have a large and diversified customer base and we believe we can acquire customers at one-tenth the cost of a branch, while still delivering personalized experiences at scale,” Setty said. He said the cost savings will be reflected over time.
The bank launched its 2.0 version of the YONO app on Monday, eight years after launching the app in 2017. Setty said the new app shares the same user interface with seamless omnichannel and cross-platform continuity.
Of the over 53 crore customers, around 13 crore use digital banking and almost 10 crore use the YONO app. Setty said the updated version will provide customers with a 360-degree view of their financial data, a personalized home screen and immediate loan limit improvement, among other things.
“Our 10 crore customers are largely using internet banking. Version 2.0 will help us serve customers more efficiently and securely. The tech stack we have built will last at least another five to six years. It has the full UPI payment stack, which is what our customers wanted. We expect payments to really take off after this upgrade,” said Setty.
SBI expects that all existing users of YONO will migrate to the new version in phases over the next 15 days. The bank will also encourage existing customers who are not on the app to register and use it. To help customers migrate, SBI will onboard a total of 10,000 people from its subsidiary SBI Payment Services Pvt Ltd, up from the 3,500 already involved in the activity so far.
Setty said the app will be available in 15 Indian languages, starting with Hindi and English which is already live. He said the bank has already amassed a digital credit book of Rs 2 lakh crore, which it plans to expand through the new app.
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