SBI to launch integrated digital banking & shopping platform
Mumbai : State Bank of India (SBI) will launch an integrated banking and shopping platform on Friday, it announced on Thursday. The country’s largest lender is hoping to tap new generation customers and gain cost efficiencies through the platform.
You Need Only One (YONO)—the platform, available both through app and web, will allow customers with smart phones to conduct basic banking like opening an insta account (with limited facilities) with the bank as well as make investments. The platform users will also be able to shop at various online stores.
“The app will be a one stop shop for all and will keep adding new features to it in the next 14 months,” SBI chairman Rajnish Kumar said, adding that the bank had been working on the app since September 2016.
SBI will also use the platform to sell its cards, life and general insurance and mutual funds among others. In future, the lender also plans to approve retail loans through the app as well.
“We have already brought cards, life insurance and securities on the app,” Kumar said. General insurance and mutual funds will be brought onboard over the next 30 days.
The public sector lender has tied up with over 60 merchants across 14 categories like healthcare, lifestyle, hospitality and auto among others. Some of the merchants currently on board include Caratlane, Myntra, Jabong, Ola, Uber and Apollo Pharmacy.
At present, SBI has 2.5 crore mobile users and 4.2 crore internet banking customers. “Through the platform we will be able to access business outside bank branches as well. The cost to income ratio will also improve as we go digital,” said Kumar.
Kumar also said that the percentage of its customers using digital banking is going up and currently stands at 36%. While more customers are going digital, percentage of ATM users is on a decline. It fell from 44% last year to 33%. SBI’s annual spend on technology is about Rs4,000 crore excluding its spend on automated teller machines.