State Bank of India is launched an integrated banking and shopping platform. The bank hopes to tap new generation customers and gain cost efficiencies through the platform. The platform, called ‘You Need Only One’ or YONO, is available both through app and web and will allow customers with smart phones to conduct basic banking like opening an insta account (with limited facilities) with the bank as well as make investments. The platform users will also be able to shop at various online stores. SBI chairman Rajnish Kumar said the app will be a one stop shop for all and will keep adding new features to it in the next 14 months. The bank will also use the platform to sell its cards, life and general insurance and mutual funds among others. It also plans to approve retail loans through the app as well. The bank has tied up with over 60 merchants across 14 categories like healthcare, lifestyle, hospitality and auto among others. Some of the merchants currently on board include Caratlane, Myntra, Jabong, Ola, Uber and Apollo Pharmacy. Rajnish Kumar said through the platform the bank intends to access business outside bank branches as well.
