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Banking Innovations via the IT Way

Sneha Jha | July 19, 2011
Rana Kapoor, founder and managing director of India’s YES Bank, talks about gaining the competitive edge and leading with innovative products and services.

Can you give us some examples?

YES Bank was among the earliest to get on to the online Real Time Gross Settlement (RTGS) and National Fund Transfer (NEFT) platforms. We were the first to enable speech-recognition in phone banking and, today, are ready to offer video-based phone banking services when 3G becomes widely available in India.

We were the first bank in India to offer two-factor authentication for online funds transfers. We also offered Money Monitor, a first-of-its-kind, online financial aggregation tool in India.

YES Bank introduced e-cheques for the first time in India as well, where customers can make real time payments to any bank account with any other bank in India. As a matter of fact, we also introduced mobile payments — a first-of-its-kind, secure, person-to-person payment service in association with Nokia and Obopay. YES Bank will act as the issuing bank and the custodian of funds under these services.

 

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