SBI launches YONO 2.0 in major banking app upgrade: Here are the features of the new version

The State Bank of India on Monday launched YONO 2.0, a revamped version of its digital banking platform, You Only Need One (YONO).

The new version will include several improved features, but full-fledged upgrades will be implemented over 6-8 months, SBI Chairman C.S. Setty told PTI in an interview.

Touted as the SBI's "all-in-one digital banking app for payments, savings, investments, and loans" during its launch in 2017, YONO 1.0 has suffered waves of poor reviews on both Google Play Store and the App Store in recent times.

Setty also said that the bank aimed to take their YONO SBI user base from 10 crore to "at least 20 crore" over the next two years.

He added that the app's infrastructure had also been upgraded to accommodate the target, and that the existing user base had been migrated to the new version.

In that regard, here are some key features of the new update, according to the app's description on Google Play Store:

1) The biggest update is said to be the ease of use and bug fixes—one of the biggest causes of concern for YONO 1.0 users. However, whether the User Interface (UI) upgrades can win back its users is yet to be seen.

2) Apart from this, simplified UPI, quick pay, and domestic/international fund transfer options, in addition to new options for autopay.

3) Financial management tools such as a spending analyser and smart recommendations.

4) There is a new credit score simulator to monitor and improve one's credit health.

5) A revamped multi-tier loyalty programme, with exclusive offers and privileges, has been launched.

6) The new version of the app has also reportedly "gamified carbon offsetting", allowing users to track their sustainability impact and earn rewards.