SBI: Big news for SBI customers.The State Bank of India (SBI) is launching a new version of its YONO app on Monday. SBI Chairman CS Shetty said the bank aims to double its YONO app user base to 200 million over the next two years with the new version.
SBI chairman said YONO 2.0 is a major upgrade that will provide a better customer experience and a stronger digital platform for the bank. He said all its features will be rolled out in a phased manner over 6-8 months.
He said, “From the bank’s perspective, YONO 2.0 is a key pillar of digitalisation, with a common code for internet banking and mobile banking. This allows seamless integration across all channels, allowing SBI to quickly launch new products and processes. The bank aims to improve its digital presence and customer engagement using YONO 2.0.”
Explaining with an example, he said, “YONO 2.0 has developed a common core for the customer journey, which will ensure a seamless experience across internet banking, mobile banking and branch channels for account opening or any other transaction.”
He said, “Today, we have around 10 crore customer base on YONO and our aim is to bring 20 crore customers on YONO mobile banking or internet banking. Overall, we are building around 20 crore customer base, which means you will have to invest heavily in your infrastructure… So our view is that in the next two years, we should have at least 20 crore customer base.”
SBI Chairman Setty had expressed confidence in achieving the 3 per cent net interest margin (NIM) guidance despite the RBI cutting the repo rate by 25 basis points in the monetary policy review in December.
The RBI reduced the repo rate by 25 basis points to 5.25 percent on December 5. Following the repo rate cut, SBI also reduced its interest rate by 25 basis points to 7.90 percent, effective December 15. The bank also reduced its marginal cost of funds-based lending rate (MCLR) by 5 basis points across all tenors.