YONO by SBI (You Only Need One)
An Omni-channel app for Lifestyle & Banking needs State Bank of India is among the largest retail banks in the world
#1 SBI Online is India’s most and the Largest Bank in India 423 Mn+ customer USD 550 Bn+ World’s 5th most visited (Balance Sheet Size, base business size banking site Branches)
80% transactions on 32.7 Mn+ Internet 59,263 85.7 Mn+ Financial Anytime/ Digital banking users Pan-India ATMs Inclusion accounts channels
52,340 + Customer 24.5 Mn+ FI accounts Service Points under opened during the year Business Correspondent model
2 SBI – a dominant player in digital space
SBI has always been in the forefront of Digital Banking innovations
Key digital payment products:
• YONO by SBI • Mobile Banking • Internet Banking • State Bank Buddy (e-Wallet) • Debit & Pre-paid cards • Merchant Acquiring Business i.e. PoS terminals • Aadhar Pay • Bharat QR • UPI
3 We embarked on one of the largest digital transformation programs ever with three key aspirations
End to end digitization to A digital bank for enhance customer experience nearly one-third the nation and increase wallet share
India’s biggest marketplace with 75+ partners and Other financial products of SBI group
4 Core elements of the Digital proposition
. 100% digital experience, eliminating need to visit branches . One view for customer of all wealth and financial assets Digital bank . Digital onboarding of customers through e-KYC and biometric authentication . Online loan products for retail customers (PAPL to begin with)
. All financial products of SBI group on a single platform Financial . Big data analytics to target financial products such as insurance, cards, securities etc. to superstore specific customer segments . Providing customers financial calculators, comparison tools and life event based targeting
. Online store for customers to fulfill their lifestyle needs
Online . Personalization of offers with intelligence engine for giving targeted offers marketplace . Predictive analytics for search, wish list and offer management . Customer segmentation on demographic and financial parameters
. Digital journeys with seamless customer experience e2e . Streamline back office operations digitisation . Reduction in operating costs
5 YONO is already one of the largest digital banks across the world
4.9 Mn downloads on Mobile 260,000+ logins daily
1.57 Mn Registered Users Ranked Top 5 app in on Mobile Application & Finance category in iOS Web Portal
150,000+ savings bank accounts 77000+ Credit Cards Linked opened since launch 11600+ Life Ins. Policies Linked 41900+ SSL portfolios linked
2500+ pre-approved personal 2.11+ Mn visits on loans disbursed Online Marketplace
6 With YONO, SBI aspires to achieve growth, improve productivity and enhance customer experience
Deliver world class customer experience through distinctive, omni-channel and seamless customer journeys
Achieve disproportionate growth through digital . Increase share of wallet and acquire at scale . Digital to facilitate incremental sales beyond traditional channel
Improvement in C/I ratio through end to end digital redesigning of processes
Orchestrate the digital ecosystem . Partner with ecosystem players to serve core customer needs . Cross-sell opportunities beyond banking products
7 Transformation through digital re-imagining of core processes
. Deploying a digitally enabled sales force to service customer needs at their doorstep . Introduction of cashless operation branches through revamping of select physical branches . Centralization and digitisation of high volume, low value add activities which might benefit from economies of scale . Customer journey simplification through reimagining of key process . Deploying robotic process automation to automate existing routine tasks . Contact centre modernization leveraging Chat/Voice BOTs and Artificial Intelligence
. Creating simplified paperless processes for availing and servicing loans on digital channels . Using predictive analytics & leveraging social media data for better targeting of products . Capture and mine big data to gain deep insights into customer behaviour . Leveraging geo-tagging to deliver real-time location-based targeted customer offers
. Experimenting with latest technologies like IOT, Block chain, Rob advisors, AI, and other cutting edge technologies to be at the forefront of innovation . Providing differentiated customer experience and product delivery through alliances with up coming disruptors in FinTech sector 8 “Wow” factors created to enhance customer experience, increase staff convenience and reduce overall TAT
Journey Wow factors / Key shifts
. Digitised account opening with Instant activation Account . Reduced customer inputs during digital journeys . Straight through process with single maker to checker hand-off opening . Minimal Overall TAT of account opening . Elimination of processing centres in digitally opened accounts
. Digitized journey with instant decision on approval . 24x7 availability for applying for a loan increasing new applications and conversion Loans . Automated risk scoring and decisioning during the process . Automation of disbursal through app . PAPL launched, Home Loan, Car Loan, Education Loan, Express Credit being developed
. Convenience of payments systems and all utility bill payments in one single platform . Tools like spend analyser & average balance graph for customer spends tracking . Jargon free and reduced time for customer journeys CX Ex: Account opening journey reduced from 68 to 17 fields, remaining auto-populated . 4-click PAPL with no paper work . Journeys in hand to cover entire retail portfolio and almost all non-financial transactions (WIP)
9 Customers can choose between multiple digital account opening journeys based on their needs
Digital savings account Regular (Branch Assist) Digital doorstep savings Insta savings account (with full KYC) savings account account (Yet to be launched-WIP)
. Single branch visit . Paperless account . Paperless account . Paperless account required to give opening opening opening . Doorstep account biometric and other . Instant account . Single handoff between activation – no visit maker and checker, opening – no visit terms and conditions required to the branch required to the branch ensuring convenience . Personalized platinum . Free personal accident . Signatureless account for customer and debit card insurance cover . Average time of 4 branch staff. . Instant personalized . Personalized platinum minutes . Instant activation debit card debit card issued if . Reduced time at . Signatureless account customer visits branches (from 40 . Available in select “InTouch” branch minutes to 5 minutes) cities
10 Online marketplace increasing customer engagement
Aspirations
Online . A B2C platform with several major Shopping international e-commerce players like Amazon, Uber, AirBnB, Booking.com, Expedia etc. across 16 categories like Gifting Fashion & Lifestyle, Electronics, Home & Offers Furnishing, Travel, Hospitality & Holidays etc., to cater to lifestyle needs of the customers.
Online . A portal for SBI customers to: Marketplace Book Now Access the world of online products, Rewards / Points anywhere, anytime, customized based on preferences and transaction history Search across e-commerce sites Wallet Avail customized offers Get financing options from SBI Get points and rewards on purchases
. An online ‘Automall’ with global automotive players is being developed. 11 Financial Superstore – a one stop shop for all financial needs of the customer Key features
Life Customer one view – a one stop shop for all Insurance financial products like Credit cards, Mutual funds, Insurance, Securities providing ease of usage for customers. Integration of front and back office General Demat A/c Insurance processes for online sale of financial products. Financial Superstore Wealth & Financial advisory through financial calculators, comparison tools amongst product offerings Data & Analytics driven customer targeting based on purchase behavior and life events Credit Mutual Cards Funds of the customer. Work started for National Pension Scheme and PPF also.
12 e2e initiatives - Digitization & Centralization
Enhancing customer experience and release of branch capacity through digitization & centralization of Non - financial services Digitization . Digitization of services on YONO platform, contact centre in self-service mode . Service requests on YONO platform (Mobile, E-mail addition/update, Cheque and Debit card related requests etc.) are digitized Centralization . Structured form of receiving service requests from branches and further processing . Increased efficiency . Increased effectiveness Economies of scale – better productivity Enhanced focus on customer service due to of staff timely processing of customer requests and transparency for customer with regards to Greater span of control status, follow-up action if required Standardization of processes, workflows Release of branch capacity for sales related and queue systems activities
13 Analytics will help deliver a Next Gen Digital experience
. Omni-channel interface with 360° customer one view for superior digital experience Customer Journey . Integration with social media, with event triggers and sentiment analysis Analytics . Analytics Driven Contact centre to understand, predict and resolve customer queries
. Real-time customer targeting using behavioural and predictive analytics Real-time Contextual . Location and context-based marketing, with geo fencing for notifications Offers . Digital marketing and enhanced lead capturing based on app & transaction behaviour
. Customer segmentation for retail Loans, other financial products (Life/General Insurance, Process Mutual Funds, Securities etc.) and Cards products based on eligibility rules Efficiency . Automated Business Intelligence reports and dashboards to understand business performance and key gaps
. Improve existing product propensity models to include customer transactional patterns, Enhanced clickstream behaviour, demographics and social media events & triggers Cross Sell . Execute and track cross selling campaigns to identify key product , transactional and Models channel preferences 14 Adoption of innovation elements to our ‘Go Digital Be Digital’ strategy We are improving efficiency and bringing substantial reduction in cost to income ratio to the Bank by stitching several innovation elements to YONO ecosystem
. Chatbot with 850+ FAQs to start with. Advanced features being added in phases. . Personal Financial Management (PFM) – Aggregation of customer data from various sources and help customer manage and invest own finances with the help of sophisticated algorithms. . Biometric Authentication – Standardizing customer authentications to YONO app with Enrolment, Verification & Authorization . Sound based peer to peer funds transfer – Facilitating Peer to Peer and Consumer to Merchant payments using secure sound-wave communication technology . Internet of Things (IoT) based offerings – IoT driven B2C payments, smart home payments and Beacons to introduce mobility in banking . Robotic Process Automation – Automatic repetitive tasks such as day-to-day reconciliations, report generation, auto closure of loans etc. . Credit Assessment using Machine Learning & Deep Learning – Improve future credit assessment and underwriting logic through iteratively learning from data and finding hidden insights. . Cyber security risk monitoring using Cognitive computing – Identify potential security threats through cognitive computing based adaptive security tools and continuous cyber risk monitoring softwares. . Blockchain – Bringing step function improvements in terms of speed, convenience, costs, transparency and security across applications such as payments, financial asset transfers & smart contracts. 15 Thank you
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