SBI YONO: Challenges Galore

Code : MM0093

Year : 2025

Industry : -

Region : Asia

Teaching Note: Available

Structured Assignment : Not Available
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Background Note: In 2017, State Bank of India (SBI), the largest bank in the country in terms of assets, deposits, branches, and number of customers and employees, launched SBI Yono (You Only Need One), a super app, in response to the growing number of tech-savvy Gen Z and millennial clients, as well as their preference for digital platforms. The main objective of SBI Yono when it was originally launched in November 2017 was to provide banking services to millennials. It had common features including checking account balances, transferring funds, and paying bills. Then, in 2018, the program was expanded to include features like investing in mutual funds and insurance, buying insurance, and booking trip.

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Fintech Industry in India: Many factors were pushing the growth of the Indian fintech industry. One was the growth of digitization and the use of the internet and mobiles for everyday tasks. Affordable data plans as well as accessibility increased the demand for fintech solutions that helped with online financial management. India was expected to have one billion smartphone users by 2026 with many of them belonging to rural areas. Mobile banking too was growing in popularity. It was a simple and cheap way of satisfying India’s..

Challenges for SBI Yono: One of the main issues for SBI Yono was that its user interface was thought to be less user-friendly than that of competitors like GPay, Paytm, and PhonePe. These were not only more user-friendly but also appealed to those who were unfamiliar with digital banking. Also, GPay, Paytm, and PhonePe had large advertising and promotion budgets which helped them increase their user base and brand recognition. GPay offered many features like money transfer, smartphone recharging, online shopping, and cinema ticket reservations. In India, Paytm was the most popular digital payment app offering similar features. It had a strong offline presence as over a million companies accepted Paytm..

Road Ahead: In August,2024, SBI launched a comprehensive five-year digital transformation roadmap focused on strengthening technology resilience, optimizing data architecture, and improving infrastructure networks..

EXHIBITS:
Exhibit 1: SBI YONO Major Competition and thier Comparision in Terms of Features
Exhibit 2: Top Apps by Downloads
Exhibit 3: SBI YONO Offerings
Exhibit 4: SBI YONO - Year wise Growth in User base till 2023
Exhibit 5: SBI YONO Key Partners
Exhibit 6: Screenshot of Customer Complaining Regarding Server Problem




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