YONO by SBI ( Y ou O nly N eed O ne) An Omni-channel app for - - PowerPoint PPT Presentation

YONO by SBI

(You Only Need One)

An Omni-channel app for Lifestyle & Banking needs

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State Bank of India is among the largest retail banks in the world

#1

Largest Bank in India (Balance Sheet Size, Branches)

423 Mn+ customer

base

USD 550 Bn+

business size SBI Online is India’s most and the World’s 5th most visited banking site

59,263

Pan-India ATMs

24.5 Mn+ FI accounts

• pened during the year

80%

transactions on Anytime/ Digital channels

32.7 Mn+ Internet

banking users

85.7 Mn+ Financial

Inclusion accounts

52,340 + Customer

Service Points under Business Correspondent model

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SBI – a dominant player in digital space

Key digital payment products:

• YONO by SBI
• Mobile Banking
• Internet Banking
• State Bank Buddy (e-Wallet)
• Debit & Pre-paid cards
• Merchant Acquiring Business i.e. PoS terminals
• Aadhar Pay
• Bharat QR
• UPI

SBI has always been in the forefront of Digital Banking innovations

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We embarked on one of the largest digital transformation programs ever with three key aspirations

A digital bank for nearly one-third the nation End to end digitization to enhance customer experience and increase wallet share India’s biggest marketplace with 75+ partners and Other financial products of SBI group

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Core elements of the Digital proposition

• 100% digital experience, eliminating need to visit branches
• One view for customer of all wealth and financial assets
• Digital onboarding of customers through e-KYC and biometric authentication
• Online loan products for retail customers (PAPL to begin with)

Digital bank

• All financial products of SBI group on a single platform
• Big data analytics to target financial products such as insurance, cards, securities etc. to

specific customer segments

• Providing customers financial calculators, comparison tools and life event based targeting

Financial superstore

• Online store for customers to fulfill their lifestyle needs
• Personalization of offers with intelligence engine for giving targeted offers
• Predictive analytics for search, wish list and offer management
• Customer segmentation on demographic and financial parameters

Online marketplace

• Digital journeys with seamless customer experience
• Streamline back office operations
• Reduction in operating costs

e2e digitisation

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260,000+ logins daily 1.57 Mn Registered Users

• n Mobile Application &

Web Portal 4.9 Mn downloads on Mobile 77000+ Credit Cards Linked 11600+ Life Ins. Policies Linked 41900+ SSL portfolios linked 2.11+ Mn visits on Online Marketplace 2500+ pre-approved personal loans disbursed 150,000+ savings bank accounts

• pened since launch

Ranked Top 5 app in Finance category in iOS

YONO is already one of the largest digital banks across the world

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With YONO, SBI aspires to achieve growth, improve productivity and enhance customer experience

Deliver world class customer experience through distinctive, omni-channel and seamless customer journeys Achieve disproportionate growth through digital

• Increase share of wallet and acquire at scale
• Digital to facilitate incremental sales beyond traditional channel

Improvement in C/I ratio through end to end digital redesigning of processes Orchestrate the digital ecosystem

• Partner with ecosystem players to serve core customer needs
• Cross-sell opportunities beyond banking products

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Transformation through digital re-imagining of core processes

• Deploying a digitally enabled sales force to service customer needs at their doorstep
• Introduction of cashless operation branches through revamping of select physical branches
• Centralization and digitisation of high volume, low value add activities which might benefit

from economies of scale

• Customer journey simplification through reimagining of key process
• Deploying robotic process automation to automate existing routine tasks
• Contact centre modernization leveraging Chat/Voice BOTs and Artificial Intelligence
• Creating simplified paperless processes for availing and servicing loans on digital channels
• Using predictive analytics & leveraging social media data for better targeting of products
• Capture and mine big data to gain deep insights into customer behaviour
• Leveraging geo-tagging to deliver real-time location-based targeted customer offers
• Experimenting with latest technologies like IOT, Block chain, Rob advisors, AI, and other

cutting edge technologies to be at the forefront of innovation

• Providing differentiated customer experience and product delivery through alliances with up

coming disruptors in FinTech sector

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“Wow” factors created to enhance customer experience, increase staff convenience and reduce overall TAT

Journey Wow factors / Key shifts Account

• pening
• Digitised account opening with Instant activation
• Reduced customer inputs during digital journeys
• Straight through process with single maker to checker hand-off
• Minimal Overall TAT of account opening
• Elimination of processing centres in digitally opened accounts

Loans

• Digitized journey with instant decision on approval
• 24x7 availability for applying for a loan increasing new applications and conversion
• Automated risk scoring and decisioning during the process
• Automation of disbursal through app
• PAPL launched, Home Loan, Car Loan, Education Loan, Express Credit being developed

CX

• Convenience of payments systems and all utility bill payments in one single platform
• Tools like spend analyser & average balance graph for customer spends tracking
• Jargon free and reduced time for customer journeys

Ex: Account opening journey reduced from 68 to 17 fields, remaining auto-populated

• 4-click PAPL with no paper work
• Journeys in hand to cover entire retail portfolio and almost all non-financial transactions (WIP)

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Customers can choose between multiple digital account

• pening journeys based on their needs

Digital savings account (with full KYC)

• Single branch visit

required to give biometric and other terms and conditions

• Personalized platinum

debit card

• Instant personalized

debit card issued if customer visits “InTouch” branch

Insta savings account

• Paperless account
• pening
• Instant account

activation – no visit required to the branch

• Signatureless account
• Average time of 4

minutes

Regular (Branch Assist) savings account

• Paperless account
• pening
• Single handoff between

maker and checker, ensuring convenience for customer and branch staff.

• Instant activation
• Reduced time at

branches (from 40 minutes to 5 minutes)

Digital doorstep savings account (Yet to be launched-WIP)

• Paperless account
• pening
• Doorstep account
• pening – no visit

required to the branch

• Free personal accident

insurance cover

• Personalized platinum

debit card

• Signatureless account
• Available in select

cities

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Online marketplace increasing customer engagement

Offers Book Now Online Shopping Gifting Rewards / Points Wallet

Online Marketplace

• A

B2C platform with several major international e-commerce players like Amazon, Uber, AirBnB, Booking.com, Expedia etc. across 16 categories like Fashion & Lifestyle, Electronics, Home & Furnishing, Travel, Hospitality & Holidays etc., to cater to lifestyle needs of the customers.

• A portal for SBI customers to:

 Access the world of online products,

anywhere, anytime, customized based on preferences and transaction history

 Search across e-commerce sites  Avail customized offers  Get financing options from SBI  Get points and rewards on purchases

• An online ‘Automall’ with global automotive

players is being developed.

Aspirations

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Financial Superstore – a one stop shop for all financial needs of the customer

Financial Superstore

Life Insurance General Insurance Mutual Funds Credit Cards Demat A/c

 Customer one view – a one stop shop for all financial products like Credit cards, Mutual funds, Insurance, Securities providing ease

• f usage for customers.

 Integration

• f

front and back

• ffice

processes for online sale of financial products.  Wealth & Financial advisory through financial calculators, comparison tools amongst product offerings  Data & Analytics driven customer targeting based on purchase behavior and life events

• f the customer.

 Work started for National Pension Scheme and PPF also.

Key features

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e2e initiatives - Digitization & Centralization

Enhancing customer experience and release of branch capacity through digitization & centralization of Non - financial services

• Structured form of receiving service requests from branches and further processing

 Economies of scale – better productivity

• f staff

 Greater span of control  Standardization of processes, workflows

and queue systems

• Increased efficiency
• Increased effectiveness

 Enhanced focus on customer service due to

timely processing of customer requests and transparency for customer with regards to status, follow-up action if required

 Release of branch capacity for sales related

activities

• Digitization of services on YONO platform, contact centre in self-service mode
• Service requests on YONO platform (Mobile, E-mail addition/update, Cheque and Debit card related

requests etc.) are digitized

Digitization Centralization

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Analytics will help deliver a Next Gen Digital experience

• Omni-channel interface with 360° customer one view for superior digital experience
• Integration with social media, with event triggers and sentiment analysis
• Analytics Driven Contact centre to understand, predict and resolve customer queries

Customer Journey Analytics

• Real-time customer targeting using behavioural and predictive analytics
• Location and context-based marketing, with geo fencing for notifications
• Digital marketing and enhanced lead capturing based on app & transaction behaviour

Real-time Contextual Offers

• Customer segmentation for retail Loans, other financial products (Life/General Insurance,

Mutual Funds, Securities etc.) and Cards products based on eligibility rules

• Automated Business Intelligence reports and dashboards to understand business

performance and key gaps Process Efficiency

• Improve existing product propensity models to include customer transactional patterns,

clickstream behaviour, demographics and social media events & triggers

• Execute and track cross selling campaigns to identify key product , transactional and

channel preferences Enhanced Cross Sell Models

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Adoption of innovation elements to our ‘Go Digital Be Digital’ strategy

We are improving efficiency and bringing substantial reduction in cost to income ratio to the Bank by stitching several innovation elements to YONO ecosystem

• Chatbot with 850+ FAQs to start with. Advanced features being added in phases.
• Personal Financial Management (PFM) – Aggregation of customer data from various sources and help

customer manage and invest own finances with the help of sophisticated algorithms.

• Biometric Authentication – Standardizing customer authentications to YONO app with Enrolment,

Verification & Authorization

• Sound based peer to peer funds transfer – Facilitating Peer to Peer and Consumer to Merchant

payments using secure sound-wave communication technology

• Internet of Things (IoT) based offerings – IoT driven B2C payments, smart home payments and Beacons

to introduce mobility in banking

• Robotic Process Automation – Automatic repetitive tasks such as day-to-day reconciliations, report

generation, auto closure of loans etc.

• Credit Assessment using Machine Learning & Deep Learning – Improve future credit assessment and

underwriting logic through iteratively learning from data and finding hidden insights.

• Cyber security risk monitoring using Cognitive computing – Identify potential security threats through

cognitive computing based adaptive security tools and continuous cyber risk monitoring softwares.

• Blockchain – Bringing step function improvements in terms of speed, convenience, costs, transparency and

security across applications such as payments, financial asset transfers & smart contracts.

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Thank you