SBI Aims to Expand Mobile Banking Users to 20 Crore with Launch of Yono 2.0
State Bank of India (SBI) is set to significantly enhance its mobile banking services, aiming to increase its customer base from 9.4 crore to 20 crore within the next two years. This ambitious plan comes with the launch of Yono 2.0, a revamped digital platform designed to provide a seamless banking experience. SBI Chairman C S Setty announced that the bank will also bolster its in-branch digital support by expanding its network of floor managers to 10,000 by March, ensuring customers receive assistance during their transition to digital banking.
Revamped Digital Banking Experience
SBI’s new Yono 2.0 is not just an upgrade of the existing mobile application; it represents a complete overhaul of the bank’s internet banking system, now referred to as Yono Net Banking. Setty emphasized that the redesign aims to create a unified customer experience across all platforms. Customers who begin their banking journey on mobile or internet banking can now easily continue it in a physical branch if needed. This integration is crucial for enhancing customer satisfaction and ensuring a smooth transition between digital and traditional banking services.
Currently, SBI has nearly 10 crore users on its mobile app, with a larger base using internet banking. The bank plans to double its mobile banking users over the next two years, focusing on scalability and customer convenience. Setty noted that approximately 3.5 crore existing internet banking users have already migrated to the new Yono Net Banking interface, receiving positive feedback for its user-friendly design.
Expanding Digital Support
To facilitate the transition to digital banking, SBI is increasing the number of floor managers from around 3,500 to 10,000. These managers will assist customers in navigating the new digital channels while still providing support for traditional banking services. This “phygital” approach reflects SBI’s commitment to maintaining a physical presence while prioritizing digital solutions. Setty highlighted that the cost of acquiring customers through digital onboarding is significantly lower than traditional branch-based methods, making this strategy economically viable.
The bank’s digital strategy, termed “Yono-isation,” focuses on simplifying customer journeys across all banking services. While monetization of these services is not an immediate goal, SBI is targeting a younger demographic, with one-third of its customer base under the age of 30. The bank currently opens about 70,000 new accounts daily, with a goal for 90% of these accounts to be created through the mobile application.
Future Developments and Security Measures
SBI is already working on Yono 3.0, with simplification as a core design principle. Setty indicated that the new version will compete directly with third-party UPI applications, as payments are a key feature that customers want to see improved. The UPI stack has been completely redesigned to enhance functionality and user experience.
Security is a top priority for SBI, with the platform adhering to a “security-by-design” framework. Customers will have direct control over their transaction limits and usage settings, ensuring a secure banking environment. Setty mentioned that 60-70% of transactions are monitored in real-time, providing an additional layer of security for users.
Yono 2.0 will be rolled out as an app upgrade in a phased manner, with most Android users expected to transition within the next two weeks. Since its launch in 2017, Yono has become integral to SBI’s digital operations, handling 93% of customer-initiated payments digitally and achieving cumulative digital lending exceeding Rs 2 lakh crore. Setty concluded by stating that Yono is more than just a banking platform; it is a digital operating system that aligns with SBI’s Vision 2030.
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