The nation’s largest lender is developing a new version of its digital banking platform to accommodate the needs and preferences of its clients, according to remarks made by former SBI chairperson Dinesh Khara on Thursday. Khara, who superannuated on Thursday, also mentioned that a banker should always be aware of hazards, even though people often choose to overlook them. This is something that shouldn’t happen in his special speech at the Global Fintech Fest 2024.
“We had envisaged YONO only as a retail solution, and initially it was thought to replace internet banking, but when we launched it, we thought that it should be much more than that, as it serves all banking and financial needs today. We’re working on YONO 2.0, where it should be made more modular and faster in terms of processing,” Khara said.
Claiming that YONO currently has 80 million registered users and that approximately 10 million of them log in daily, he added that in many ways, this would be a global record.
1.7 billion worth of loans were created last year by the platform that enables users to access their financial services and goods in one location, according to Khara. He also mentioned that YONO has expanded internationally to a number of locations.
He continued by saying that SBI currently serves 50 crore customers, or nearly one-third of the nation’s population, and that in order to properly serve them, we must attend to a variety of clientele and their preferences in light of the growing popularity of digital lending.
On the various risk aspects, which are associated with banking, Khara said, “Mistakes are committed in the good times. Risk is always to be kept in mind for a banker. People tend to ignore the risk, but it shouldn’t happen.”
He did, however, note that the infrastructure of the system has been enhanced and that unsecured lending can be avoided with a proper analysis of the revenue flows.
Also read: DORA (Digital Operational Resilience Act) Batch 2 Changes and Expectations from BFSI sector
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