SBI offers a contactless and paperless online account opening feature on its YONO mobile banking app.
Customers can open new SBI savings account without having to visit the bank branch
Mumbai, NFAPost: State Bank of India (SBI), the country’s largest lender has launched a Video KYC-based account opening feature on its mobile banking app – YONO.
This functionality will help customers open an account with SBI without having to visit a bank branch. This digital initiative powered by Artificial Intelligence (AI) and Facial Recognition Technology is a contactless and paperless process.
This Video KYC feature will be available to customers planning to open a new savings account with SBI. To avail this new facility, all that a person needs to do is download the YONO App, click on ‘New to SBI’, and select ‘Insta Plus Savings Account’.
They will have to enter their Aadhaar details in the app and once the Aadhar authentication is complete they will have to input personal details and schedule a video call to complete the KYC process. On successful completion of Video KYC, the account will be automatically opened.
SBI Chairman Dinesh Khara said SBI is proud to announce the launch of online Savings Bank account opening facility which is very much necessary in the current pandemic situation.
“This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness. We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs. This development is yet another proof of our commitment to a digital India,” Dinesh Khara.
Since its launch in Nov 2017, YONO has gained wide acceptance among customers with 80 million downloads and over 37 million registered users. SBI has partnered with over 100 ecommerce players in more than 20 plus categories on the YONO platform. Other initiatives on this platform include YONO Krishi, YONO Cash, and PAPL with more features lined up for the future.
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore.
The bank has auto loan book of Rs. 75,937 crore, as on December 31, 2020, the bank has a deposit base of over Rs. 35 lakh crore and advances of more than Rs. 26 lakh crore with CASA ratio of about 45%. SBI commands over 34% market share in home loans and around 33% in the auto loans segment.
SBI has largest network of more than 22,000 branches in India with an ATM / CDM network of nearly 58,000 and total BC outlets of over 71,000. The number of customers using internet banking and mobile banking stand at 85 million and 19 million respectively.
The integrated digital and lifestyle platform by SBI – YONO has crossed 74 million downloads mark. YONO which has over 34.5 million registered users, witnesses 9 million logins per day.
Accelerating the digital agenda, SBI has opened over 1.5 million accounts through YONO in the quarter ended December 2020 with nearly 91% of YONO eligible savings bank customers migrated on YONO. In terms of digital lending, bank disbursed pre-approved personal loan (PAPL) worth Rs. 5300 crore via YONO in the same quarter.
YONO is also a global name having tasted its success in international markets as well. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.