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State Bank of India (SBI) plans to launch a complete Digital Bank by revamping its digital banking platform ‘YONO’ as ‘ONLY YONO.’
India’s largest bank has set a target of 12-18 months period for implementation of ONLY YONO (including migration from existing YONO to ONLY YONO).
This move comes in the wake of Niti Aayog recently publishing a draft discussion paper on licensing of Digital Bank, which may result in a formal guideline by the Reserve Bank of India (RBI) to establish various types of Digital Banks in our country.
“ONLY YONO is envisaged as the next generation of YONO which will make SBI ready to launch a complete Digital Bank with a leaner and modular architecture, more streamlined journeys, sleek and personalized customer centric design and capturing value from ecosystems,” SBI said in a document.
The design of ONLY YONO has to facilitate the bank to roll out multiple journeys and bring the improvements quickly to meet the business expectations and maintain Banks competitive edge in the retail segment, which is mainly driven and powered by technology, it added.
ONLY YONO’s technical capability is proposed to be built with modern technology, products, and the power of the cloud to handle high volumes with superior customer experience.
“In order to sustain the exponential growth achieved through YONO and maintain a leading edge in the market, the bank has assessed the current pain points in the YONO ecosystem.
“Accordingly, the bank has embarked on a journey to scale YONO to the next level. These transformations will be done as the bank keeps adding newer functionalities to the YONO application,” SBI said.
The proposed platform will cater to the business’s requirement for implementing its vision for next five years from the launch of ONLY YONO, it added.
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