State Bank of India (SBI) has made waves in the digital banking sector with its flagship mobile banking platform, YONO. As per the latest data from the FY23 analyst presentation, a staggering 60.7 million customers are on the YONO platform. With a daily login rate of 10 million and an impressive 550,000 daily average transactions, the platform’s popularity is undeniable.
Accelerating Digital Agenda:
SBI’s focus on digitizing its services is evident in the numbers. The platform boasts of a substantial 60.7 million registered YONO customers. An average of 23,000 new digital SBI accounts are opened daily. Further, YONO has facilitated sales of mutual funds amounting to ₹354 crore in Q4 FY23 alone.
Beyond Banking: Financial Superstore & More:
Diversifying its offerings, YONO has positioned itself as a ‘Financial Superstore.’ This all-encompassing approach caters to varied financial needs, from insurance to credit card services. In Q4 FY23, 87,000 credit cards were approved, and insurance policies sold reached a significant 17.19 lakh.
YONO’s Online Marketplace Ambitions:
Building on its user engagement strategy, YONO has introduced an online marketplace. With over 100 partners across more than 20 categories, the platform is quickly becoming a one-stop destination for its vast customer base. The results are evident: 75.32 lakh customers visited YONO to shop and order in Q4 FY23, generating a gross merchandise value of ₹260 crore.
A Glimpse into the Future:
While numbers speak volumes, the success of YONO goes beyond metrics. It symbolizes SBI’s commitment to providing a seamless, digital-first experience to its customers. As the digital landscape evolves, it is platforms like YONO, with their adaptability and forward-thinking approach, that will shape the future of banking in India.
