SBI plans to add 6,500 staff for YONO 2.0 as it targets 200 million digital users

Core Insights - The State Bank of India (SBI) plans to hire approximately 6,500 employees to support its digital banking initiative, aiming to enhance customer migration to digital channels with the launch of YONO 2.0 [1][2] Group 1: Employee Strategy - SBI intends to increase its total employee count to 10,000 by March 31, 2026, with 3,500 already hired to assist customers in transitioning to the new digital platform [2] - The new hires will primarily serve as floor managers to guide customers through digital banking transactions, especially targeting first-time users [2] Group 2: Cost Efficiency - The bank estimates that acquiring a customer through digital channels costs about one-tenth of the cost associated with branch onboarding, highlighting a significant cost-saving opportunity [3] - Digital processes are expected to enhance efficiency by reducing time spent on paperwork and manual checks [3] Group 3: Customer Base Expansion - SBI currently has around 100 million customers using its mobile banking apps and aims to double this number to 200 million within the next two years, focusing on serving retail customers through digital channels [4] - The bank's immediate focus is on simplifying banking and making digital services accessible rather than monetizing the platform [4] Group 4: Digital Strategy and Features - The launch of YONO 2.0 represents a comprehensive overhaul of SBI's digital strategy, with a complete rewrite of its internet banking code and migration of nearly 35 million internet banking customers to the new system [5] - The app is designed to provide a uniform experience across mobile banking, internet banking, and branches [5] Group 5: User Experience Enhancements - YONO 2.0 offers a simpler and lighter app that functions effectively on low-memory devices and in areas with poor internet connectivity, streamlining everyday banking tasks [6] - The app includes a rebuilt UPI payments stack to compete with popular payment apps and introduces simplified KYC processes to reduce verification delays [7] Group 6: Support for Non-Users - For non-users and first-time digital customers, SBI is leveraging its branch network, providing digital kiosks and staff support to assist with app downloads, account setup, and learning digital services [8]