YES BANK Deepens Roots in Bengaluru, Unveils Vision for Digital Advancement
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.
Leveraging a B2C supply chain approach with Large Conglomerates, YES BANK seeks to deepen its connections within the ecosystem and offer tailored solutions. With a steadfast focus on its market-leading digital and transaction banking capabilities, the Bank aims to consolidate its position across segments including MNCs, Local Corporates, and the Fintech ecosystem. Furthermore, YES BANK has identified key trends in attracting new-to-bank (NTB) customers in Bengaluru, offering products and services for various demographics and specialised services, facilitated through fully digital account opening with rapid activation. This initiative capitalises on YES Bank’s leading digital capabilities, synergising with Bengaluru’s status as a growing tech-savvy hub, presenting ample opportunities to acquire NTB clients.
Looking ahead, YES BANK remains steadfast in its commitment to empowering businesses with the financial tools, digital capabilities, and strategic insights they need to thrive in Bengaluru's competitive marketplace. With a focus on digital transformation, market expansion, and fostering financial inclusion, YES BANK is poised to play a pivotal role in driving innovation and growth in Bengaluru's dynamic fintech ecosystem.
