Yes Bank launches 'Money Monitor'
By Eureka Bharali   |   Thursday, 02 October 2008, 00:14 IST
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Bangalore: "Banks are banking on online banking to increase revenue," says Ravi Shankar, Country Head, Direct banking, Yes Bank. As a part of taping more revenue from online banking, Mumbai based Yes Bank has introduced Money Monitor, an online account aggregation service for the first time in the country in partnership with California headquartered online banking solution provider Yodlee. Launched in 2007, Money monitor has entered in to the Indian market as a SaaS application and Yodlee is in talks with other Indian banks. "The Indian banks have given a positive response," says Dhruv Manga, Director Business Development, but he denied to reveal the banks which would be adopting this application. In India currently, only five million use online banking, out of 250 million people. Hence, Manga predicts that there is room for massive growth for Internet banking services in India. In fact, the number of online banking users is expected to grow to 16 million by 2008 as per IAMAI's Report: Online Banking 2006. The system shall allow Yes Bank's customers to have a comprehensive view on their financial status across varied spheres including multiple savings, loan, investment and credit card accounts. It provides an aggregated data of all the financial matters including those of the customer's kith and kins too. However, there is no partnership with any other banks though it gives a complete analysis of any account of a customer apart from the Yes Bank's account. The password details have to be filled and any account can be linked to this through money monitor. The key features include, gathering of balances and transactions from financial, bill and rewards accounts, net worth statement, cash flow report, and historical account balances; credit card and bank account transactions; setting budget goals; alert via setting budget goals.

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