YONO by SBI (You Only Need One)

Transcription

1 YONO by SBI (You Only Need One) An Omni-channel app for Lifestyle & Banking needs

2 State Bank of India is among the largest retail banks in the world #1 Largest Bank in India (Balance Sheet Size, Branches) 423 Mn+ customer base USD 550 Bn+ business size SBI Online is India s most and the World s 5 th most visited banking site 80% transactions on Anytime/ Digital channels 32.7 Mn+ Internet banking users 59,263 Pan-India ATMs 85.7 Mn+ Financial Inclusion accounts 24.5 Mn+ FI accounts opened during the year 52,340 + Customer Service Points under Business Correspondent model 2

3 SBI a dominant player in digital space SBI has always been in the forefront of Digital Banking innovations Key digital payment products: YONO by SBI Mobile Banking Internet Banking State Bank Buddy (e-wallet) Debit & Pre-paid cards Merchant Acquiring Business i.e. PoS terminals Aadhar Pay Bharat QR UPI 3

4 We embarked on one of the largest digital transformation programs ever with three key aspirations A digital bank for nearly one-third the nation End to end digitization to enhance customer experience and increase wallet share India s biggest marketplace with 75+ partners and Other financial products of SBI group 4

5 Core elements of the Digital proposition Digital bank 100% digital experience, eliminating need to visit branches One view for customer of all wealth and financial assets Digital onboarding of customers through e-kyc and biometric authentication Online loan products for retail customers (PAPL to begin with) Financial superstore All financial products of SBI group on a single platform Big data analytics to target financial products such as insurance, cards, securities etc. to specific customer segments Providing customers financial calculators, comparison tools and life event based targeting Online marketplace Online store for customers to fulfill their lifestyle needs Personalization of offers with intelligence engine for giving targeted offers Predictive analytics for search, wish list and offer management Customer segmentation on demographic and financial parameters e2e digitisation Digital journeys with seamless customer experience Streamline back office operations Reduction in operating costs 5

6 YONO is already one of the largest digital banks across the world 4.9 Mn downloads on Mobile 260,000+ logins daily 1.57 Mn Registered Users on Mobile Application & Web Portal Ranked Top 5 app in Finance category in ios 150,000+ savings bank accounts opened since launch Credit Cards Linked Life Ins. Policies Linked SSL portfolios linked pre-approved personal loans disbursed Mn visits on Online Marketplace 6

7 With YONO, SBI aspires to achieve growth, improve productivity and enhance customer experience Deliver world class customer experience through distinctive, omni-channel and seamless customer journeys Achieve disproportionate growth through digital Increase share of wallet and acquire at scale Digital to facilitate incremental sales beyond traditional channel Improvement in C/I ratio through end to end digital redesigning of processes Orchestrate the digital ecosystem Partner with ecosystem players to serve core customer needs Cross-sell opportunities beyond banking products 7

8 Transformation through digital re-imagining of core processes Deploying a digitally enabled sales force to service customer needs at their doorstep Introduction of cashless operation branches through revamping of select physical branches Centralization and digitisation of high volume, low value add activities which might benefit from economies of scale Customer journey simplification through reimagining of key process Deploying robotic process automation to automate existing routine tasks Contact centre modernization leveraging Chat/Voice BOTs and Artificial Intelligence Creating simplified paperless processes for availing and servicing loans on digital channels Using predictive analytics & leveraging social media data for better targeting of products Capture and mine big data to gain deep insights into customer behaviour Leveraging geo-tagging to deliver real-time location-based targeted customer offers Experimenting with latest technologies like IOT, Block chain, Rob advisors, AI, and other cutting edge technologies to be at the forefront of innovation Providing differentiated customer experience and product delivery through alliances with up coming disruptors in FinTech sector 8

9 Wow factors created to enhance customer experience, increase staff convenience and reduce overall TAT Journey Wow factors / Key shifts Account opening Digitised account opening with Instant activation Reduced customer inputs during digital journeys Straight through process with single maker to checker hand-off Minimal Overall TAT of account opening Elimination of processing centres in digitally opened accounts Loans CX Digitized journey with instant decision on approval 24x7 availability for applying for a loan increasing new applications and conversion Automated risk scoring and decisioning during the process Automation of disbursal through app PAPL launched, Home Loan, Car Loan, Education Loan, Express Credit being developed Convenience of payments systems and all utility bill payments in one single platform Tools like spend analyser & average balance graph for customer spends tracking Jargon free and reduced time for customer journeys Ex: Account opening journey reduced from 68 to 17 fields, remaining auto-populated 4-click PAPL with no paper work Journeys in hand to cover entire retail portfolio and almost all non-financial transactions (WIP) 9

10 Customers can choose between multiple digital account opening journeys based on their needs Digital savings account (with full KYC) Insta savings account Regular (Branch Assist) savings account Digital doorstep savings account (Yet to be launched-wip) Single branch visit required to give biometric and other terms and conditions Personalized platinum debit card Instant personalized debit card issued if customer visits InTouch branch Paperless account opening Instant account activation no visit required to the branch Signatureless account Average time of 4 minutes Paperless account opening Single handoff between maker and checker, ensuring convenience for customer and branch staff. Instant activation Reduced time at branches (from 40 minutes to 5 minutes) Paperless account opening Doorstep account opening no visit required to the branch Free personal accident insurance cover Personalized platinum debit card Signatureless account Available in select cities 10

11 Online marketplace increasing customer engagement Aspirations Gifting Online Shopping Offers A B2C platform with several major international e-commerce players like Amazon, Uber, AirBnB, Booking.com, Expedia etc. across 16 categories like Fashion & Lifestyle, Electronics, Home & Furnishing, Travel, Hospitality & Holidays etc., to cater to lifestyle needs of the customers. Book Now Online Marketplace Wallet Rewards / Points A portal for SBI customers to: Access the world of online products, anywhere, anytime, customized based on preferences and transaction history Search across e-commerce sites Avail customized offers Get financing options from SBI Get points and rewards on purchases An online Automall with global automotive players is being developed. 11

12 Financial Superstore a one stop shop for all financial needs of the customer Demat A/c Credit Cards Life Insurance Financial Superstore Mutual Funds General Insurance Customer one view a one stop shop for all financial products like Credit cards, Mutual funds, Insurance, Securities providing ease of usage for customers. Integration of front and back office processes for online sale of financial products. Wealth & Financial advisory through financial calculators, comparison tools amongst product offerings Data & Analytics driven customer targeting based on purchase behavior and life events of the customer. Work started for National Pension Scheme and PPF also. Key features 12

13 e2e initiatives - Digitization & Centralization Enhancing customer experience and release of branch capacity through digitization & centralization of Non - financial services Structured form of receiving service requests from branches and further processing Increased efficiency Economies of scale better productivity of staff Greater span of control Standardization of processes, workflows and queue systems Digitization Digitization of services on YONO platform, contact centre in self-service mode Service requests on YONO platform (Mobile, addition/update, Cheque and Debit card related requests etc.) are digitized Centralization Increased effectiveness Enhanced focus on customer service due to timely processing of customer requests and transparency for customer with regards to status, follow-up action if required Release of branch capacity for sales related activities 13

14 Analytics will help deliver a Next Gen Digital experience Customer Journey Analytics Omni-channel interface with 360 customer one view for superior digital experience Integration with social media, with event triggers and sentiment analysis Analytics Driven Contact centre to understand, predict and resolve customer queries Real-time Contextual Offers Real-time customer targeting using behavioural and predictive analytics Location and context-based marketing, with geo fencing for notifications Digital marketing and enhanced lead capturing based on app & transaction behaviour Process Efficiency Customer segmentation for retail Loans, other financial products (Life/General Insurance, Mutual Funds, Securities etc.) and Cards products based on eligibility rules Automated Business Intelligence reports and dashboards to understand business performance and key gaps Enhanced Cross Sell Models Improve existing product propensity models to include customer transactional patterns, clickstream behaviour, demographics and social media events & triggers Execute and track cross selling campaigns to identify key product, transactional and channel preferences 14

15 Adoption of innovation elements to our Go Digital Be Digital strategy We are improving efficiency and bringing substantial reduction in cost to income ratio to the Bank by stitching several innovation elements to YONO ecosystem Chatbot with 850+ FAQs to start with. Advanced features being added in phases. Personal Financial Management (PFM) Aggregation of customer data from various sources and help customer manage and invest own finances with the help of sophisticated algorithms. Biometric Authentication Standardizing customer authentications to YONO app with Enrolment, Verification & Authorization Sound based peer to peer funds transfer Facilitating Peer to Peer and Consumer to Merchant payments using secure sound-wave communication technology Internet of Things (IoT) based offerings IoT driven B2C payments, smart home payments and Beacons to introduce mobility in banking Robotic Process Automation Automatic repetitive tasks such as day-to-day reconciliations, report generation, auto closure of loans etc. Credit Assessment using Machine Learning & Deep Learning Improve future credit assessment and underwriting logic through iteratively learning from data and finding hidden insights. Cyber security risk monitoring using Cognitive computing Identify potential security threats through cognitive computing based adaptive security tools and continuous cyber risk monitoring softwares. Blockchain Bringing step function improvements in terms of speed, convenience, costs, transparency and security across applications such as payments, financial asset transfers & smart contracts. 15

16 Thank you 16