State Bank of India to launch YONO, its integrated lifestyle and banking platform today

YONO, the acronym for 'You Only Need One', will be the first digital banking platform to offer customised products and offers from over 60 e-commerce players

State Bank of India (SBI) will unveil the country's first integrated lifestyle and banking digital platform on Friday to be launched by Finance Minister Arun Jaitley, according to a statement from the public sector bank.

State Bank of India to launch YONO, its integrated lifestyle and banking platform today

State Bank of India. Image: Reuters

YONO, the acronym for 'You Only Need One', will be the first digital banking platform to offer customised products and offers from over 60 e-commerce players by leveraging analytics, besides a range of banking and financial services, the SBI release said here.

"In addition..., 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," it said.

To provide the customised offers and discounts, SBI has partnered with e-commerce players including Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, it said.

The SBI said the product employs the latest digital technologies such as artificial intelligence (AI), predictive analytics and machine learning, and can be accessed through a mobile application and web portal.

"This will also be the first to offer online purchase and view of insurance policies within the portal, without redirecting the customer to the respective service provider, and to seamlessly access and purchase investment products," the release said.

"Customers will be able to seamlessly access... services with a single user ID and password. The portal has been designed with minimum possible clicks and easy to understand descriptions," SBI Chairman Rajnish Kumar said in a statement.

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