SBI's Digital Leap: Matching Profits with Purpose through YONO
State Bank of India (SBI) posted record profits of USD 9.2 billion, driven largely by its digital platform YONO. Despite its success, SBI faces challenges with its large, less-profitable customer base and physical infrastructure. The bank aims to increase digital adoption to boost efficiency and expand inclusion.
- Country:
- India
State Bank of India (SBI) has reported a landmark profit of approximately USD 9.2 billion for the fiscal year ending March 2025, positioning it among India's top companies alongside Reliance Industries and ONGC. This surge is predominantly attributed to SBI's digital transformation through its YONO app.
Launched in 2017, YONO has evolved from a fintech response to a cornerstone of SBI's strategy, boasting over 74 million users and significantly contributing to the bank's loan disbursements. Despite handling over 500 million accounts globally, only a fraction engage with YONO, underscoring a gap in digital adoption.
Industry experts suggest that enhancing digital penetration could transform SBI's operational efficiency and market valuation. As fintechs like Paytm and PhonePe lead the digital banking wave, SBI's trust and scale provide a competitive edge to advance financial inclusion without extensive physical infrastructure expansion.
(With inputs from agencies.)
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