Private sector lender, Yes Bank has announced the launch of "Money Monitor", an online account aggregation service powered by Yodlee, which will enable its customers to evaluate their net worth on a regular basis. It is the first its kind in India and will ease customers in managing their money and their financial commitments.
This service does away with the need to remember far too many passwords. With Money Monitor, Yes Bank's internet banking customers can now securely access, view, print and receive alerts of all their financial information, including online banking, bill pay, brokerage, loans, credit cards, insurance, fixed deposits and reward points information, from both Yes Bank and other financial institutions, through a single user interface.
The key features of Money Monitor include holistic financial picture, personal data reports, expense categorization, budgeting, alerts, lifetime storage and universal portfolio tracker.
According to Ravishankar, executive vice-president and country head, Yes Bank, "This allows Yes Bank to be able to target customers better and understand customer behaviour and offer the right products to them."
"We see a tremendous opportunity in India and Asia Pacific to work with banks like Yes Bank to deliver better banking and payment services, via online and mobile," said R Subramaniam, Vice President and Managing Director, Yodlee Infotech Pvt Ltd.
"We have been particularly impressed by YES BANK's drive for technological innovation and its knowledge-driven approach to banking, focused on delivering a truly personal experience for its retail banking and wealth management clients - a vision we at Yodlee share," he added.
Yodlee is a market leader in delivering online banking solutions and payments technologies in the United States. It does most of its development work in Bangalore with about 325 people based out of Bangalore.
Mr. Rana Kapoor, Managing Director & CEO, YES Bank, said, "YES BANK is delighted to partner with Yodlee in bringing to India the finest Online Banking Solutions. Yodlee's innovative and patented solutions will offer our customers an unparalleled experience on the web as they gain complete insight and control over their finances. Yodlee's product knowledge and technology will help power YES BANK as it further establishes its leadership in the online financial space."
With people banking from home, offices, mobile and ATM's, the new service is considered a major initiative to drive revenue thorough online banking.