State Bank of India , which has begun shutting down its SBI Buddy mobile service, said that its YONO (You Only Need One) app accounted for 38% of total SBI bank accounts opened during Q2FY19. YOYO accounts were opened at the rate of around 20,000 per day, peaking on September 27th at 31,000. Just for context, a couple of years ago, this was below the 10,000 per day mark. Around 61% of YONO customers are in the 18-30 year age bracket. The YONO app enables the opening of digital and Insta bank accounts. The Bank hasn't disclosed how many registered users YONO has, the number of downloads, or, as it did earlier, the number of transactions (which used to be low) or logins per day. As of a couple of quarters ago, the SBI Buddy wallet seemed to be doing better than YONO in terms of number of transactions. The YONO app also facilitates a so-called "financial superstore", which has multiple SBI products like SBI Life, SBI Cards, SBI Cam Sec, SBI General Insurance. SBI says that it disbursed more than 60,000 Pre-approved Personal Loans worth Rs 500 Cr on the YONO platform. Alternate channels Share of transactions via "alternate channels", which are channels other than the bank branch, increased to 83.47% of the total transactions as on September 2018, from 78.45% as on September 17. These were: - 18.1% via Internet banking (down from 22% a year ago) - 12.6% on PoS terminals and e-commerce (up from 12.1%) -…
