State Bank of India (SBI) has officially launched YONO 2.0, the next-generation version of its flagship digital banking platform, with a clear ambition to double its user base to 20 crores. The announcement was made by SBI Chairman CS Setty at the launch event held on Monday.
The upgraded application is designed to significantly improve operational efficiency, reduce costs, enhance customer experience, and deepen the bank’s digital reach across banking, credit, wealth, and insurance services.
Speaking at the launch, SBI Chairman CS Setty highlighted the scale and ambition of the initiative.
“We currently have about 9.60 crore YONO customers and our ambition is to double the number of users to 20 crores. Also, leveraging technology, we believe, we can acquire customers at one-tenth the cost of branch, while still offering personalised experiences at scale,” Setty said.
On the sidelines of the event, Setty indicated that SBI aims to reach the 20 crore user milestone within the next two years, underscoring the bank’s strong push towards digital-first customer acquisition.
One of the core objectives of YONO 2.0 is to improve cost efficiency across SBI’s massive customer base.
The new version is expected to:
Reduce cost to serve customers by 40–60%
Accelerate digital credit through automated decision-making systems
Deepen wealth and insurance penetration by integrating offerings more seamlessly within the platform
These enhancements are expected to boost SBI’s long-term profitability while improving turnaround times for customers.
YONO 2.0 is also expected to reduce traffic at branch level by 20–30%, easing operational pressure on physical branches.
This shift towards digital channels is projected to:
Improve staff productivity
Enable branches to focus on high-value advisory services
Support long-term operational efficiency
The upgraded application introduces a simplified KYC and Re-KYC facility, eliminating the need for repeated verifications across different products and services. This enhancement is aimed at making onboarding and compliance faster and more customer-friendly.
Currently, YONO 2.0 is available in English and Hindi. SBI plans to expand the platform to 15 languages, enabling deeper penetration across regional and rural markets and aligning with the bank’s financial inclusion goals.
To support the large-scale migration of customers to digital channels, SBI is strengthening its on-ground support.
“We are introducing 10,000 floor managers across the country for digital migration of our customers. We currently have about 3,500-4,000 people,” he said.
These floor managers will assist customers within branches to adopt and navigate the YONO platform effectively.
For customers already using YONO 1.0, SBI has ensured a smooth transition. The bank confirmed that the application will be automatically updated to YONO 2.0 within the next 15 days, requiring no manual intervention from users.