State Bank of India, having 22,000 branches and 58,916 ATMs nationally, has developed a new
platform which will provide users with lifestyle and financial products and services more
conveniently. The platform called You Only Need One (YONO), was set up and introduced by Arun Jaitley, the Union Minister for Finance and Corporate Affairs.

“This will be an integrated omni-channel digital platform that offers just about everything related
to financial services, and lifestyle products and services,” the bank said, as reported by
VCCircle. Users will be able to access the platform through the company’s web portal or through a mobile app.

Users will be able to use the platform for basic bank functions such as opening an account,
transfer of funds, pre-approved personal loans and overdraft facilities for fixed deposits, view a
banking and financial portfolio of SBI Group companies, view and purchase investments such
as insurance, have access to an advisor and can even use conventional banking, if preferred
through a chat functon.

The Platoform is also working with e-commerce company’s such as Amazon, Uber, Ola, Myntra,
Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, only
some of upwards of 60 companies, will which provide users will products and services
customized to their needs. SBI said YONO will provide lifestyle service in 14 different categories, in a media note. The 14 categories include booking and renting cabs, dining, entertainment, travel and medical assistance.

“The portal has been designed to offer maximum customer convenience, where each journey
has been designed with minimum possible clicks with easy-to- understand descriptions,” SBI
Chairman Rajnish Kumar. “We believe this app will help us increase engagement with our
customers and enhance their banking.” YONO is the newest program set up by the bank, already having plans to support fintech startups with an incubation program, a $30 million set up for the same field, and a branch committed to assisting startups in Bengaluru which launched in January 2016. The branch is one where local startups can seek advising on payments, taxes and tax liabilities and the
regulalatory environment.

SBI, with a presence in 36 countries and 205 offices, is in the top 50 global banks. The
company has accumulated 2.57 crore mobile banking users and 4.2 crore users in internet
banking. According the the bank, the YONO platform was created through artificial intelligence, predictive analytics and machine learning. As of September 30, SBI has a deposit base of Rs 26.23 lakh crore, a ratio of 43.81 percent and an advance figure of Rs 18.92 lakh crore, according to a bank statement.