- The bank plans to introduce innovative digital banking solutions customised for Bengaluru’s tech-savvy population
- Partnerships with fintech companies and initiatives to enhance transaction banking
- Emphasis on market-leading digital and transaction banking capabilities
Bengaluru: YES BANK, a leading private sector bank in India, announces its expansion plans and innovative initiatives to strengthen its presence in Bengaluru, a prominent technology and startup hub. The Bank aims to enhance its foothold in the region by expanding its branch network, introducing digital banking solutions, and engaging with the local community. With a growing customer base, YES BANK serves approximately 4.98 lakh liability customers and over 1.45 lakh credit card customers in Bengaluru as of December 2023, reflecting a significant year-over-year growth of 29% in customer acquisition. Embracing Bengaluru’s startup ecosystem, YES BANK supports emerging entrepreneurs and technology-driven ventures through partnerships with fintech companies and collaborations with incubators, accelerators, and industry associations.
Furthermore, YES BANK’s performance in the Bangalore market has been robust, with CASA balances reaching INR 6,616 crore as of December 2023, representing a significant portion of the bank’s overall CASA deposits. The Bank’s initiatives include enhancing the transaction banking experience and facilitating the opening of over 92,000 new-to-bank CASA accounts in Bengaluru. Demonstrating strong engagement and performance in the region, the Bank also witnessed a notable increase in new-to-bank CASA accounts.
YES BANK is deeply ingrained in India’s digital payment ecosystem, serving as the underlying Bank for nearly one-third of all digital payment transactions in the country, including a leading position in processing UPI volumes. This extensive experience uniquely positions the Bank to understand the intricate financial needs of technology companies and fintech/startups in Bengaluru, which heavily rely on digital transactions for their operations. Leveraging its pioneering API stack, YES BANK has collaborated with key fintech players and Technical Service Providers (TSP), not only to augment their digital solutions but also to bolster the bank’s own digital and transaction banking capabilities.
YES BANK’S API Banking stack, in tandem with robust tech infrastructure, has played a pivotal role in catering to the unique requirements of these innovative businesses. Moreover, YES BANK has been instrumental in guiding the fintech ecosystem through the dynamic regulatory landscape, offering innovative and compliant products. Noteworthy industry firsts include the co-created Merchant SDK and TPAP Lite solutions, designed to facilitate fast and seamless checkout experiences, which have garnered significant traction in the Bangalore market. Additionally, the API Sandbox initiative, launched a couple of years ago, has empowered fintechs to develop innovative solutions within a controlled environment.
