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Fintechs should focus on prioritizing customer-centric reliability: Khara

Fintechs should focus on prioritizing customer-centric reliability: KharaSBI’s digital banking platform, YONO, is experiencing remarkable growth owing to its unique nature. It has a financial superstore as well as e-commerce. Its retail arm has clocked around 6.5 crore registrations, with 1 crore active daily users. The platform sees an influx of 35-50 thousand new registrations every day and over 5 lakhs of remittance transactions. With the new wave of innovative features set to be launched on the platform, this in itself is a digital bank within a legacy bank, said Dinesh Kumar Khara, Chairman, SBI, during his fireside chat on “Building a Digital Bank within a Bank” at the Global Fintech Fest 2023 (GFF 2023), on Tuesday.

Recently, SBI added pre-approved business loans to the platform. Khara further said, “The app generates a quarterly fee income of Rs 1 bn from our subsidiaries in insurance and mutual funds. The YONO loan book for the past two fiscals has been Rs 21,000 crore each. We are disbursing Rs 600 crore of business loans a month. We should be able to disburse Rs 7,000 to Rs 8,000 crore through this platform this fiscal, which will take our digital loan book to be around Rs 29,000 to Rs 30,000 crore from lending and other B2B activities.”

Customer-centricity should focus on convenience and reliability. Khara added, “If fintechs focus on customer-centricity, reliability, and the ability to offer solutions that meet the problem statements of banks, the chances of success are higher. Moreover, the demand today is the essence of time and the scaling of digital services that revolve back to enhancing the customer experience.”


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