Online banking redefined with new service

BANGALORE: To add credit to its focus on innovative banking, YES Bank has launched a new online service called Money Monitor for its customers. The new online account aggregation service allows YES Bank customers to control and monitor multiple bank accounts from other financial institutions as well.

The platform, which can be accessed using a single sign on, was implemented by Yodlee Inc – a banking solutions company headquartered in Redwood City, California.   

For first time in India, through the online platform YES Bank customers will be able to manage their finances across multiple savings, loan, investment and credit card accounts, thus enabling them to assess their net worth regularly.  Customers can access, view, print and receive alerts of all their financial information including online banking, bill payments, brokerage, loans, credit cards, insurance, fixed deposits and reward points information from both YES Bank and other financial institutions though a single user interface. 

In order to register for the services the user has to enter the account information of all his/her accounts while signing in.

Demonstrating the new service at a press conference in Bangalore, Ravi Shankar, EVP & country head, Direct Banking & Cash Management, YES Bank said, “It is very important how services will differentiate and help customers choose a bank.”

With people banking from home, offices, mobile and ATM’s, the new service is considered a major initiative to drive revenue thorough online banking. 

According to research estimates, out of the 100 million Internet users 16 million are expected to be banking users.

Kapoor believes that at least 60 percent of banking users have multiple banking relationships which gives them more reason to use a tool such as the money monitor to control the family’s finances. “With the transition technology is driving, customers want more flexibility, more real- time information and info on their finger tips,” he said.

For the spendthrift, the platform lst the user keep track of spending and fix budgets for various kinds of expenses such as shopping, petrol etc, which the user can keep track of through graphs and pie charts.

According to YES Bank’s research,  customers want  - better control of their banking accounts; control over how everybody’s money is doing; bills due on various dates and keep a track of spending.

According to R Subramaniam, Vice President and Managing Director, Yodlee India, “Customers want an open finance model. Aggregation transforms the bank’s online banking website into the consumer’s primary financial portal.”

Yodlee has around 11 million registered users on its platforms. The company also has a mobile version of the personal finance platform called Yodlee personal finance mobile for mobile banking and says it is in talks with other finance institutions and cellular service providers to implement the service.