SBI launches YONO, a digital lifestyle and banking services platform

State Bank of India, the country's largest public sector bank has launched an integrated digital lifestyle and banking platform YONO (You Need Only One).

YONO is a comprehensive digital product from SBI, which can be accessed through mobile phones, and on the web through a browser. YONO will be the first integrated omnichannel digital platform that offers everything related to financial services.

The platform which was launched by Finance Minister Arun Jaitley will allow customers to meet their lifestyle needs across 14 categories from booking cabs to paying for medical needs -- all under one roof. The platform offers a host of services including opening a bank account in less than five minutes, transferring funds, availing paperless pre-approved personal loans, getting overdraft facility against fixed deposits.

SBI has partnered with e-commerce entities including Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy, and Byju's to provide offers and discounts to customers.

Rajnish Kumar, SBI Chairman, said that the portal has been designed to offer maximum customer convenience and that the product has been developed by SBI using artificial intelligence, predictive analysis, and machine learning. The platform has been designed with minimum possible clicks and seamlessly access and purchase investment products.

It can be accessed through both Android and iOS platforms.