Banker to every Indian

“The concept of the digital application You Only Need One (YONO), devised by SBI, started off as a germ of an idea, emerging from the bank’s decision to create an ‘Online Marketplace’ in order to attract the millennial generation. It was widely felt that SBI, while successfully projecting itself as the ‘banker to every Indian’, was actually lagging behind in its ability to acquire the younger generation of customers. It was felt that this gap could be bridged by creating an e-commerce marketplace which would attract young and new customers into the SBI fold. In its original form, therefore, YONO (or ‘Project Lotus’, as it was initially called) was a finite concept with a limited shelf life—it would help the bank attract new customers through the marketplace with the hope of converting some of them into SBI customers; and this would entail an added benefit of embellishing the digital credentials of SBI.”

Excerpt From: Rajnish Kumar. “The Custodian of Trust.”