SBI, Reliance Jio form SBI YONO for digital push
04 Aug 2018
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Mukesh Ambani’s Reliance Jio and the country’s largest lender State Bank of India (SBI) have announced a new collaboration to accelerate digital transactions by SBI customers.
The joint venture, SBI YONO, will integrate SBI Rewardz (existing loyalty programme from SBI) with Reliance MyJio platform, through which both companies aim to bring next-generation experience with an exclusive digital-banking partnership.
SBI YONO is an integrated digital banking platform that provides a range of banking and financial services such as booking taxis, paying bills etc through a smartphone app.
Reliance Jio will also offer special connectivity and devices solution for SBI customers, the bank said in a statement. Commenting on the development, Mukesh Ambani said that the scale of SBI customer base is unmatched globally and the company is committed to accelerating digital adoption.
An integration between SBI Rewardz (existing loyalty programme from SBI) and Jio Prime will also offer customers of SBI additional loyalty reward. “The scale of the SBI customer base is unmatched globally. Jio is committed to using its superior network and platforms combined with the retail ecosystem to accelerate digital adoption serving all the needs for SBI’s and Jio’s customers,” Mukesh Ambani, Chairman, Reliance Industries Limited, said.
Jio and SBI customers will benefit from Jio Prime, a consumer engagement and commerce platform from Reliance. Jio Prime will offer exclusive deals from Reliance Retail, Jio, partner brands and merchants, SBI said in the statement.
Jio’s network in urban and rural regions will allow SBI to launch customer-centric services such as video banking and other on-demand services, the bank added. Mukesh Ambani launched Reliance Jio in September 2016, which quickly became popular in India for providing cheap data and calling services.
The digital partnership will increase SBI’s digital customer base multi-fold.
SBI YONO is a revolutionary omni channel platform offering digital banking, commerce and financial superstore services to customers. YONO’sdigital banking features and solutions will be enabled through the MyJio platform for a seamless, integrated customer experience. MyJio, one of India’s largest over-the-top (OTT) mobile applications, will now bring in financial services capabilities of SBI and Jio Payments Bank.
Jio and SBI customers will benefit from Jio Prime, a consumer engagement and commerce platform from Reliance. Jio Prime will offer exclusive deals from Reliance Retail, Jio, partner brands and merchants.
SBI will be engaging Jio as one of its preferred partners for designing and providing network and connectivity solutions. Additionally, Jio Phones will be available on special offers for SBI customers.
Speaking on the partnership, Rajnish Kumar, chairman, SBI, said, “As India’s largest Bank with leadership in digital banking, we are delighted to partner with Jio the world’s largest network. All the areas of co-operation are mutually beneficial enhancing the digital foot-print for SBI customers with superior and rewarding customer experiences.”
Mukesh D Ambani, chairman, Reliance Industries Limited, said, “The scale of the SBI customer base is unmatched globally. Jio is committed to using its superior network and platforms combined with the retail ecosystem to accelerate digital adoption serving all the needs for SBI’s and Jio’s customers.”
