YES BANK, Yes to Innovations

Today, with the increasing number of online transactions, accessing our net banking apps feels slightly more secure, thanks to the two-factor authentication provided by banks.

Did you know that YES BANK was the first Indian Bank to introduce this 2FA with an SMS-based PIN way back in 2004? Yes, 20 years back!

YES BANK has been a trailblazer in introducing numerous banking innovations like this, significantly contributing to how we bank today.

YES BANK, established in 2004, was the first new private-sector bank to be approved by the RBI in almost a decade, It was granted the license of a 'greenfield' bank – a bank built entirely from scratch, rather than through acquisition or merger.

Driven by a commitment to fill gaps in the banking sector, YES BANK has introduced numerous customer-centric innovations.

YES BANK introduced online Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) payment systems in India.

Its platform was the first to provide online confirmation with instant settlement within two hours for RTGS and the same day for NEFT payments. It was accredited as the Most Innovative Integrated Online Payment Solutions in Asia in 2008. YES BANK has significantly enhanced our online shopping experience by pioneering API Banking services in 2015. Instant refunds, card additions, and UPI payments in online shopping are made possible by these APIs. In fact, in 2015, YES BANK helped Snapdeal process 85% of their refunds within just 30 minutes.

In 2016, just when UPI was launched, YES BANK launched a digital banking service named “SIMsePAY”, which enabled account holders to conduct money transfers, pay utility bills, and access other mobile banking services without the requirement of a smartphone or Internet connection. The aim was to cater to a significant portion of the Indian population who remained underbanked due to limited access to smartphones and mobile internet, while simultaneously bolstering the digital payment infrastructure of our country.

While nearly every app we use today has an integrated e-wallet feature, whether within UPI payment applications or shopping platforms, Wallet365.com was India’s second e-wallet launched in 2006 by media firm Times Group in association with YES BANK. This service innovation was way ahead of its time particularly considering the subsequent boom in the e-wallet category post-2016.

Since 2020, the bank has been undergoing restructuring with a focus on strengthening governance and compliance standards. It doubled down on fortifying its balance sheet through meticulous attention to detail and expanding its customer base.

The bank’s efforts are starting to pay off. FY 23 marked the second year of operational profitability for the bank, with a 9.2% year-on-year growth.

The Bank’s long-term credit rating has also improved from D to A-, while its short-term credit rating has reached A+, according to various well-known independent rating agencies such as Moody's, CRISIL, CARE, and India Ratings. These upgrades imply an improvement in the bank's creditworthiness and financial stability.

Despite the shift in focus, YES BANK’s innate passion for customer-centric innovation has remained intact. In fact, YES BANK is one of the four pilot banks chosen for the launch of the digital e-rupee by CBDC (Central Bank Digital Currency).

NPCI has partnered with YES BANK to launch the first-of-its-kind RuPay On-the-Go contactless payments solutions which will allow customers to make transactions from the accessories they wear every day.

Recognising the growing demand among MSMEs for Supply Chain Financing, YES BANK recently launched a platform called 'SmartFin' which aims to streamline credit access for MSMEs by facilitating digital SCF loans, boosting working capital efficiency, and enhancing credit underwriting reliability. SmartFin seamlessly integrates with India’s digital infrastructure and ERPs. Sharp focus on MSME growth led to innovations like GST-based financing solutions for MSMEs, an industry first and YES MSME, a One-Click Overdraft Facility for MSME customers.

The Bank has also partnered with Salesforce, the global leader in Customer Relationship Management, to build a next-generation technology platform to power the retail lending business. This initiative will help the bank process higher volumes of loan applications through enhanced automation, eliminating manual processes in the loan cycle, and thereby reducing the turnaround time (TAT) for improved customer satisfaction.

YES BANK's journey reflects its dedication to innovation and resilience. Its commitment to customer-centric innovation is evident in its pioneering spirit. There is no doubt that YES BANK is making the right strides for a brighter tomorrow.

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References

1. https://www.yesbank.in/about-us/media/press-releases-details/3000000225425-press-release-list-item--2007-2008_8
2. https://www.yesbank.in/about-us/media/press-releases-details/3000000110035-press-release-list-item-18-19_2-04_13
3. https://www.yesbank.in/digital-banking/tech-for-change/financial-services/make-mobile-payments-without-smartphone-and-internet
4. https://www.yesbank.in/about-us/media/press-releases-details/3000000100626-press-release-list-item-dec-20-21
5. https://www.yesbank.in/about-us/media/press-releases-details/3000000121015-press-release-list-item-nov-15-16-05#:~:text=Additionally%2C%20YES%20BANK%20has%20also,100%25%20within%20an%20hour's%20time
6. https://www.bseindia.com/bseplus/AnnualReport/532648/5326480320.pdf
7. https://www.npci.org.in/PDF/npci/press-releases/2021/NPCI-Press-Release-NPCI-launches-RuPay-On-the-Go-with-YES-BANK-in-partnership-with-Neokred-and-Seshaasai.pd
8. https://en.wikipedia.org/wiki/Yes_Bank
9. https://www.expresscomputer.in/news/yes-bank-is-fully-prepared-for-the-digital-era-ritesh-pai/21253/
10. https://www.finextra.com/pressarticle/6110/indias-yes-bank-adopts-portwise-access-control-system#:~:text=Thus%2C%20our%20priority%20was%20addressing,online%20banking%20offering%20in%20India
11. https://www.businessworld.in/article/Yes-Bank-Launches-SIMsePAY-To-Empower-All-Citizens-To-Broad-Base-Digital-Banking-/30-11-2016-109102/
12. https://www.businesstoday.in/latest/corporate/story/yes-bank-teams-up-with-salesforce-to-boost-retail-growth-enhance-customer-experience-282193-2020-12-22
13. https://www.thehindubusinessline.com/money-and-banking/yes-bank-deploys-veefins-smartfin-supply-chain-finance-solution/article67742686.ece
14. https://smebook.eu/knowledge-base/digital-wallet/history-of-digital-wallets-in-india/

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