If you run out of cash while shopping, the app enables you to avail a pre-approved personal loan without any paperwork
State Bank of India (SBI) is launching a comprehensive lifestyle and financial services platform called Yono (you only need one). If you run out of cash while shopping, the app enables you to avail a pre-approved personal loan without any paperwork. Besides being a shoppers' paradise, it will also undertake a gamut of banking services.
The service is being formally launched by finance minister Arun Jaitley on Friday (November 24) in New Delhi. Besides offering an array of banking and financial services, Yono will also allow customers to meet their lifestyle needs across 14 categories including booking and renting cabs, entertainment, dining experience, travel and stay, medical needs, and so on. The bank has partnered with over 60 e-commerce players to provide offers and discounts to customers. Some of the key e-commerce partners include Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, among others.
Rajnish Kumar, chairman, SBI, said, "India is going digital at an unprecedented pace and we at SBI have been taking significant strides in the digital banking space. With the launch of Yono, customers will be able to seamlessly access lifestyle offerings and financial services with a single user id and password. The portal has been designed to offer maximum customer convenience where each journey has been designed with minimum possible clicks with easy to understand descriptions. We believe this app will help us increase engagement with our customers and enhance their banking."
Besides shopping with Yono, customers can open SBI bank account digitally in less than five minutes, transfer funds in just four clicks, avail of pre-approved personal loan sans any paperwork and get overdraft facility against fixed deposit. Customers can also benefit from intelligent spend analyser and utilise conversational banking guide through 'chat bot'.
Yono is born out of a comprehensive digital product from SBI using the world's latest digital technologies such as artificial intelligence, predictive analytics and machine learning, and can be accessed through a mobile application and web portal.
UNDO SWIPE
- If you run out of cash while shopping, the app enables you to avail a pre-approved personal loan without any paperwork
- The service is being formally launched by the FM on November 24 in New Delhi
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Besides shopping with Yono, customers can open SBI bank account digitally in less than five minutes, transfer funds in just four clicks, avail of pre-approved personal loan sans any paperwork and get overdraft facility against fixed deposit. Customers can also benefit from intelligent spend analyser and utilise conversational banking guide through 'chat bot'.
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