“The biggest difference between the approach which the bank adopted was that for the first time, it put the customer’s convenience and what he or she needs at the core of the design. Everything was from a customer’s point of view,” he said at BT’s Banking & Economy Summit in Mumbai.
He added that the perception of the State Bank was that it’s not tech savvy despite having all the technologies in place. (Image: Mandar Deodhar/India Today)
SBI’s ex-chief and chairman, BharatPe, Rajnish Kumar on Friday highlighted how India’s largest lender State Bank of India (SBI) put customer convenience at the forefront to build YONO as the largest digital bank in the world.
“Building YONO was a very exciting experience. The first decision was that normally the practice in the banking is that ‘Peeche Dekho, Aage Badho’. For YONO, we decided ‘peeche nahi dekhna’. It will be fresh. The biggest difference between the approach which the bank adopted was that for the first time, it put the customer’s convenience and what he or she needs at the core of the design. Everything was from a customer’s point of view,” he said at BT’s Banking & Economy Summit in Mumbai.
Talking about the process of building YONO, he said that the purpose of the bank was to attract younger generation. He added that the perception of the State Bank was that it’s not tech savvy despite having all the technologies in place.
“We wanted to first build an online marketplace to attract the younger generation. But during the course of discussions, it was decided that we will rewrite the whole customer journey and implement end-to-end digitisation across channels. That was a massive project which was conceived. There were reservations on whether we are biting more than we can chew. But ultimately, the bank decided that it’s the only way forward — to bring in fresh design thinking which is customer oriented and has no connection with the past,” he added.
From being an online marketplace, to bringing the mainstream banking into YONO as well as cross selling products from SBI’s stable including insurance, travel and cards — SBI YONO emerged as a one-stop solution for end-to-end customer needs.
Kumar also highlighted that the idea was also to bring up a competitive advantage. For instance, he said, that if a consumer would opt for home loan, not just the process of loan sanction but even products related to one’s home, could be found at the same destination. This was implemented through SBI YONO.
From a convenience perspective, he added that while it used to take 45 mins to set up a savings bank account, now it takes about six to seven minutes.
“Everything related to banking, insurance, investments and credit cards, along with the added attraction of online marketplace, is there on the YONO app, which makes it a preferred choice for consumers today,” Kumar said.
In his session, Kumar also said that there is a room for every player — be it non-banking financial companies (NBFCs), banks and fintechs in today’s evolving landscape. He added that they are not exactly competitors to each other but there is scope for collaboration between all three.