Very well written about YONO. But it is missing one of the USPs of yono i.e. YONO cash. SBI was the first bank to start this. Now, other biggies like ICICI has started this too, but still YONO is better in this tech as of now. It allows customer to withdraw cash from atm without using the physical card. It is safe considering the of late card skimming incidents. Having worked with the YONO platform, I can say that SBI is very aggressive about the YONO platform. YONO platform is not only limited to the app. There is a YONO portal in branches. Most of the non banking transactions like cheque books requests, KYC etc are now being done through YONO portal in the branch. I think this is SBI's first product where it has undertaken 1 year closed user group testing before the actual launch. SBI is also developing its own loan underwriting engine.In future, SBI may integrate it with YONO.
Very interesting points Anubhaw. I agree that a lot of thought has gone into the product. Not only does SBI have YONO portals, but there are also YONO-exclusive outlets. They opened 3 of these in the last financial year. In a recent interview, Mr Rajnish (along with Aditya Puri) had mentioned that although the future might not be branchless, but it will definitely be digital assisted branching: something that YONO does really well. However, I only tried to reason that the valuation may be overblown (as of today). I am optimistic about the future growth of this product as well.
Super compilation of YONO usage. The only way for YONO to be anywhere close to such astronomical valuations (US$ 40 BL today) is for it to transition from a mobile banking app of SBI to a separate digital bank or avatar of SBI. Like SBI cards. Remember SBI market cap is US$ 25-30 BL
Interesting Stats. The most interesting stats is the INR 800 crs Investments. Where can we verify this ?
Hey VD, all source links are embedded within the highlighted words, but here you go: https://inc42.com/buzz/investment-in-yono-seeing-returns-thanks-to-lending-growth-sbi-chairman-rajnish-kumar/
Very well written about YONO. But it is missing one of the USPs of yono i.e. YONO cash. SBI was the first bank to start this. Now, other biggies like ICICI has started this too, but still YONO is better in this tech as of now. It allows customer to withdraw cash from atm without using the physical card. It is safe considering the of late card skimming incidents. Having worked with the YONO platform, I can say that SBI is very aggressive about the YONO platform. YONO platform is not only limited to the app. There is a YONO portal in branches. Most of the non banking transactions like cheque books requests, KYC etc are now being done through YONO portal in the branch. I think this is SBI's first product where it has undertaken 1 year closed user group testing before the actual launch. SBI is also developing its own loan underwriting engine.In future, SBI may integrate it with YONO.
Very interesting points Anubhaw. I agree that a lot of thought has gone into the product. Not only does SBI have YONO portals, but there are also YONO-exclusive outlets. They opened 3 of these in the last financial year. In a recent interview, Mr Rajnish (along with Aditya Puri) had mentioned that although the future might not be branchless, but it will definitely be digital assisted branching: something that YONO does really well. However, I only tried to reason that the valuation may be overblown (as of today). I am optimistic about the future growth of this product as well.
the most pressing issue is why no bank is able to come up with stable banking app? which workes like makhhan as Gpay. How hard can it be?
Very slow app and worst ever Banking app.hangs frequently and does not open.
Not user friendly.it is slow and hangs frequently
Worst app not working on same mobile with different users
Super compilation of YONO usage. The only way for YONO to be anywhere close to such astronomical valuations (US$ 40 BL today) is for it to transition from a mobile banking app of SBI to a separate digital bank or avatar of SBI. Like SBI cards. Remember SBI market cap is US$ 25-30 BL