1. Introduction:

• Overview: Yo Bank is a modern digital banking application aimed at providing users with a comprehensive suite of financial services, including account management, payments, investments, and more, all accessible through a user-friendly mobile app.
• Purpose: Yo Bank's primary objective is to simplify and streamline banking processes for users, offering advanced features, robust security measures, and personalized financial management tools.
• Target Audience: Yo Bank caters to individuals who prefer the convenience and efficiency of digital banking, including tech-savvy professionals, millennials, and users seeking a modern banking experience.

2. Scope:

• Inclusions:
  • User registration and authentication with options for passcode and face unlock.
  • Account management features, including balance inquiries, transaction history, and statement downloads.
  • Payment solutions such as UPI payments, card payments, and wallet transfers.
  • Investment opportunities like mutual funds, SIPs, IPOs, and virtual jars.
  • Budgeting tools, expense tracking, and financial analytics for comprehensive financial management.
• Exclusions:
  • Loan application and approval processes are excluded from the initial release.
  • Wealth management services and complex investment products are not within the scope of Yo Bank at launch.

3. Functional Requirements:

• User Authentication:
  • Users can register and log in using traditional methods like email and password or utilize biometric authentication options like face unlock for added security.
  • New user onboarding includes account creation with video KYC for a seamless registration process.
• Account Management:
  • Users can view primary account balances, transaction histories, and statements directly from the app.
  • Detailed card management functionalities allow users to track and manage debit/credit cards, UPI, and virtual payment cards.
• Payments and Transfers:
  • Yo Bank supports various payment methods, including UPI payments, card payments, wallet transfers, and traditional IMPS/NEFT transactions.
  • Users can make quick and secure payments to contacts and merchants directly from the app.
• Investment Options:
  • Yo Bank provides users with diverse investment opportunities such as mutual funds, SIPs, IPOs, virtual jars, and fixed deposits.
  • Detailed performance tracking and analytics enable users to monitor their investments and make informed decisions.
• Budgeting and Analytics:
  • Users can set budget targets, track expenses, and analyze financial health using Yo Bank's budgeting tools and financial analytics.
  • Bonuses and rewards earned from transactions are tracked and managed within the app.

4. Non-Functional Requirements:

• Performance:
  • The app should load within 3 seconds, with transactions processed instantly for a seamless user experience.
  • Scalability is essential to handle a growing user base and transaction volume without compromising performance.
• Security:
  • Yo Bank prioritizes data security, implementing encryption for all user data and transactions, along with advanced authentication mechanisms like biometric authentication and video KYC.
  • Compliance with regulatory requirements such as RBI guidelines ensures the security and privacy of user information.
• Usability:
  • An intuitive and user-friendly interface with personalized features enhances the overall user experience.
  • Accessibility features ensure that the app is accessible to users with disabilities, adhering to WCAG 2.1 guidelines.
• Scalability:
  • The system architecture should be designed to scale horizontally and vertically to accommodate increasing user traffic and data volume.
• Reliability:
  • High availability is crucial, with minimal downtime achieved through redundancy and failover mechanisms.
  • Robust error handling ensures that unexpected errors are managed gracefully, providing informative messages to users.
• Compatibility:
  • Cross-platform compatibility ensures that the app functions seamlessly on various devices and operating systems, including iOS and Android.