State Bank of India’s YONO (You Only Need One) application recorded 2.5 million transactions, up 224% QoQ from 0.77 million transactions in the previous quarter, the company disclosed in its presentation for Q1FY2019. The value of all transactions through the application stood at Rs 9552.12 crores since its launch. While the lender did not disclose the number of registered users for the application, t he bank noted that the app has been downloaded 8.3 million times. Moreover, the bank also claimed that the application was used to open more than 27,000 accounts every day in the quarter ended June, which helped it cross the significant achievement of opening over 1 million saving banks account through YONO. The app had about 0.25 million logins per day in the Q1 FY19. Lastly, the bank also said that it has disbursed over 10,000 pre-approved personal loans worth Rs 66.6 crores. Through YONO, customers can open an SBI account digitally, transfer funds, avail of pre-approved personal loans without any paperwork and get overdraft facility against fixed deposits. It is important to note that the Bank’s Chairman Rajnish Kumar said that the lender plans to merge the YONO application with the Buddy app, as it will eliminate duplication of features and processes. Kumar also said that the country’s largest lender has set a target to increase the ambitious user base of YONO to 250 million in two years from the current 2.5 million. While the bank has given no further clarification on the matter, we…
