YONO achieves new milestones:
As part of the bank’s commitment to delivering innovative and customer-centric solutions, State Bank of India (SBI) has been actively strengthening its digital platforms. With the recent launch of upgraded version of the YONO app, SBI has taken a bold new step – it has empowerd customers of other banks to embark on the YONO journey, thereby encouraging them to become a part of the ever-growing SBI family.
Since its launch in 2017, YONO, the digital face of the bank, has emerged as one of the most trusted mobile banking apps in the country with over 60 million registered users. SBI witnessed 64% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY23. It witnessed 23,000 new digital savings bank accounts being opened per day via YONO in the quarter ended March 2023. SBI Chairman Dinesh Khara says: “The YONO app has been revamped, keeping in mind the expectations of our customers for a seamless and pleasant digital experience. This will further fulfil our goal of making the ‘YONO for Every Indian’ mission a reality.”
This milestone upgrade further expands SBI’s commitment to providing inclusive and customer-centric digital banking services to every Indian citizen. Now any bank customer can have access to the UPI features like scan and pay, pay by contacts, request money, among others, on YONO’s new avatar. With the rollout of the Interoperable Cardless Cash Withdrawal (ICCW) facility, both the customers of SBI and other banks can withdraw cash seamlessly from ICCW-enabled ATMs of any bank by using the ‘UPI QR Cash’ functionality. The transaction will be facilitated through a single-use dynamic QR code displayed on the ATM screen. By eliminating the need to enter a PIN or physically handle a debit card, the ICCW facility minimizes the risks associated with shoulder surfing or card cloning.
SBI has the largest network of 22,405 branches and 65,627 ATMs/ADWMs in India with 76,809 BC outlets. The number of customers using internet banking and mobile banking stand at 114 million and 61 million respectively. Operating expenses of SBI has increased by 13.68% y/y as it has started building provision for the wage revision, which has fallen due, effective from November 2022. Dinesh Khara at the analyst meet post the announcement of the FY23 annual results of the bank, said: “There is some increase in the overhead expenses, which is essentially attributed to the higher tech related expenses like expense on IT, mobile banking, ATMs, and also higher DICGC premium because of the growth in deposits, which we have witnessed in the last FY.”
SBI has unparalleled market share in ATMs (29.90%), debit card spends (26.25%), number of mobile banking transactions (22.83%) and mobile banking transactions in value terms (20.89%). In terms of digital lending, the bank disbursed pre-approved business loans (PABL) worth Rs67 billion through YONO, wherein leads converted are 90,000.
Gains From Analytics
Corporate Internet Banking (CINB) of State Bank of India is the channel which facilitates Corporate Customers (any non- individual customers such as firms, companies, trusts, partnerships, proprietorship concerns etc.) As of 2022-23, the value generated by YONO BUSINESS (YB) through Corporate Internet Banking (CINB) payments is Rs1.69 trillion. Loan Bbook of pre-approved personal loan (PAPL) through YONO is Rs69 bn, indicating 23% YTD growth. New to deposit (NTD) customers onboarded through YONO are 0.475 million.
SBI now has higher compute, velocity and variety of data, integrated with SPARK in-memory analytics and GPU based compute nodes. SBI is executing MLOps through its data lake platform, which enables better governance, automation and lower TAT for model building. With cloud native architecture, SBI’s containerized, custom scale ML-workloads enable optimal use of resources based on use-case, workload type, etc. The bank has numerous initiatives based on AI-ML and natural language processing for improving data quality. It has conducted industry recruitment & up skilling lateral recruitment exercise for data scientists and engineers.
Advances via analytics leads have seen a y/y growth of 58%. Besides this, it has created significant value through income leakage recovery, risk mitigation & operational efficiency.
Dinesh Khara further explained at the analyst meet: “Digital continues to be an important customer acquisition engine for the bank, across assets, as well as liability products. During the last FY, we have sourced 35% of our retail asset accounts digitally through YONO. We have embarked upon a journey of creating a digital bank of choice within the bank.”