We are continuously investing in building the bank of the future. The digital payments landscape in India is evolving at an accelerated rate, and we are playing an active role in transforming India through the digitalisation of the economy.
Being increasingly digital plays a big part in helping us reduce our costs, which in turn improves our profitability matrix.
Total downloads of YONO
Total YONO registrations
Market share in debit card spends
Yono is an integrated proposition serving banking and beyond needs of the customer - with innovative banking offerings like YONO Cash, 40+ products across insurance and investments and lifestyle and shopping options from 80+ merchant partners
Today, we have already garnered major market share across multiple digital channels. Our flagship all-emcompassing digital platform, YONO, is. testimony to our prowess in delivering cutting-edge digital services to millions of retail customers. They are increasingly choosing to bank with us online, and YONO is seamlessly connecting us with them. We are pleased to announce that by 31st March 2020, Yono set a new record with ~46+ million downloads and ~21+ million registered users. Yono is an integrated proposition serving banking and beyond needs of the customer - with innovative banking offerings like YONO Cash, 40+ products across insurance and investments and lifestyle and shopping options from 80+ merchant partners. To encourage wider adoption, we have also launched a mobile banking app for our retail customers, called ‘YONO Lite’. To cater to our diverse customer base, the app is available in eight regional languages besides English. In addition to YONO, we have also set up ‘SBI Anywhere Corporate’, which is another banking app designed for delivering online transactions for proprietorship firms.
Furthermore, we have focused on shifting the usage of debit cards by customers, away from ATMs and more towards PoS terminals and e-Commerce websites. We have also launched various functionalities around debit cards, such as NCMC compliant RuPay Card, RuPay JCB (for international conveniences), usage of RuPay Card in Bhutan, and MasterCard World for premier customers. These initiatives have made us a market leader in terms of our share in total debit card spends, which is at a high of 29.42% for the financial year under review. With approximately 27.81 crore actively used debit cards as on 31st March 2020, we also continue to lead in debit card issuance in the country.
In sync with the focus of the Government of India to create a ‘less-cash’ economy, we have expanded our digital footprint across the country. To this end, we have tied-up with significant corporate and Government departments to migrate their operations from cash to the digital mode. We have also embarked on a digital journey for the sale of third-party products.
The advent of digitalisation has strengthened need-based selling and improved the stickiness of our customers. In the case of SBIMF and SBI Life, 100% and 98% of the sales, respectively, are carried out digitally.