India’s largest bank is preparing to roll out the pilot of YONO 2.0, its advanced digital banking application, in November 2024. This news was shared by the bank’s chairman, CS Setty, during the Global Fintech Fest in Mumbai in August 2024.
What to Expect from YONO 2.0
YONO 2.0 is set to bring significant improvements over its predecessor, YONO 1.0. The first phase of the new application will focus on some of the most frequently used consumer services. According to Setty, these services will initially be available to a closed group of users, with a broader public launch expected later.
Setty emphasized that YONO 2.0 will be more robust and scalable than the original version. He highlighted that while some design elements from YONO 1.0 will remain, the primary focus is on enhancing the app’s stability and scalability to handle a larger user base and more complex transactions.
A Global Reach
In addition to the launch of YONO 2.0, the bank is also expanding its digital presence internationally. The bank plans to launch ‘YONO Global’ in Singapore and the United States. This new platform will offer digitized remittance services and other banking features tailored to meet the needs of global customers. Vidya Krishnan, the bank’s Deputy MD (IT), mentioned at the Singapore Fintech Festival that they are committed to investing in YONO Global to provide a superior digital experience for their customers worldwide.
Investing in Technology for the Future
As part of the bank’s broader strategy, Setty explained that they are heavily focusing on technology and its resilience. This involves significant investments in data architecture and infrastructure to ensure the network can support the bank’s ambitious digital goals.
Furthermore, the bank is exploring large-scale adoption of marketing technologies, often referred to as mar-tech. By combining these technologies with their advancements in artificial intelligence (AI) and machine learning (ML), the bank aims to create highly personalized offers for its customers.
Conclusion
With the upcoming launch of YONO 2.0 and the expansion of YONO Global, India’s largest bank is clearly positioning itself at the forefront of digital banking innovation. Customers can look forward to a more robust, scalable, and personalized banking experience, both in India and internationally.
