SBI ramps up digital push with Yono 2.0 to migrate branch customers

Core Insights - The State Bank of India (SBI) is launching a project to assist customers in transitioning to digital banking channels, enhancing convenience and cost-efficiency [1] - SBI plans to increase the number of dedicated executives in branches from 3,500 to 10,000 by March 31, 2026, to support this initiative [2] - The new version of the Yono app aims to compete with major payment platforms like Google Pay and PhonePe, targeting to increase its user base from 96 million to 200 million [3] Group 1 - SBI has initiated a focused project to help customers migrate to digital banking channels, with dedicated executives assisting in this transition [1] - The bank's chairman announced plans to expand the number of branch executives to 10,000 by March 31, 2026, to facilitate customer migration [2] - The revamped Yono app is designed to acquire customers at a significantly lower cost and aims to handle 90% of daily account openings, which currently stands at 70,000 [4] Group 2 - The new Yono app version is compatible across mobile, tablets, and desktops, allowing customers from other banks to use it as well [3] - SBI has no current monetization plans for the Yono franchise, focusing instead on user acquisition and engagement [4] - The bank aims to ensure a seamless transition for existing Yono users to the new version, with updates being rolled out gradually [4]