YONO by SBI: Pioneering the Digital Banking Revolution in India
From 60.7M users to ₹354 crore in mutual fund sales, YONO sets new digital banking standards in India
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.