Source: ET
Context:
India’s largest public sector bank, State Bank of India (SBI), has launched YONO 2.0, an upgraded version of its flagship digital banking platform YONO (You Only Need One).
What is YONO 2.0?
YONO 2.0 is a fully integrated digital banking ecosystem that combines:
- Mobile banking
- Internet banking
- Financial services marketplace
into a single, seamless platform with a common KYC and login framework.
Key Features of YONO 2.0
1. Unified Banking Experience
- Integrates internet banking and mobile banking.
- Customers can move seamlessly across devices without re-authentication.
2. Common KYC & Re-KYC Framework
- Introduces single KYC / re-KYC for all SBI products.
- Eliminates repeated verification for loans, investments, insurance, etc.
- Aligned with risk-based KYC norms.
3. Enhanced Security Architecture
- Stronger authentication mechanisms.
- Advanced fraud-prevention and transaction monitoring tools.
- Supports biometric and secure digital login options.
4. Improved User Interface
- Faster navigation and cleaner dashboards.
- Personalised insights on spending, savings, and financial behaviour.
5. Multilingual & Inclusive Design
- Initially available in English and Hindi.
- Planned rollout in multiple Indian languages to expand rural and semi-urban access.
6. Financial Super-App Model
- Offers banking plus:
- Loans
- Investments
- Insurance
- Bill payments
- Positions SBI against fintech-led super apps.
