YES Bank on Tuesday announced to implement TransUnion’s solution that will help the lender to to onboard credit card customers ‘quickly and efficiently’. The new solution will has been uniquely designed to enable a digital, streamlined onboarding process, the lender said in a statement. There will be fewer customer information fields to input, no physical paperwork, and comparatively lesser time required for completing the credit card applications, the bank said.
“What traditionally required an in-person interaction with customers for physical documentation and processing is now replaced with a completely digital process wherein a digital application link is sent to the customer which he or she can complete from the comfort of their homes along with a video KYC (Know Your Customer)," YES Bank explained. This new system has also reduced the integration time and effort for the bank by encompassing credit/risk decision workflow for digital end-to-end onboarding.
Speaking of the new system, Rajanish Prabhu, business head – credit cards and merchant acquisition, YES BANK, said: “YES BANK remains steadfast in its endeavor to provide customers differentiated and convenient banking experience — the implementation of TransUnion’s seamless onboarding solution reaffirms our commitment.
“This is in line with our focus on delivering the convenience of digital experiences that technologically savvy customers demand. We look forward to serving consumers with a smoother, faster and delightful onboarding experience, while also helping drive easy access to finance for them," he further added.
TransUnion’s Seamless Onboarding helps both lenders and consumers experience a quicker and easier digital on-boarding process. The consumer-friendly design and capabilities position it to deliver a seamless and enhanced customer journey
“COVID-19 circumstances have transformed the credit industry significantly by compelling digitalization across business processes. This trend will continue as consumers are increasingly demanding a digital and seamless onboarding experience that provides a fast, personalized service. TransUnion’s seamless onboarding delivers a full range of identity, fraud, decisioning and credit solutions through a single platform and API calls to make integration easy and convenient for the lender," said Shaleen Srivastava, executive vice president and head of fraud, solutions and alternate sata at TransUnion in India.
YES Bank reported a net loss of Rs 3,787.75 crore for the quarter ended in March.The bank deposits have grown significantly by 55% year-on-year to Rs 1.62 lakh crore during the quarter ended March 2021. YES Bank’s net interest income, the difference between interest earned and interest, declined 23% to Rs 987 crore in Q4FY21 against Rs 1,274 crore in the year-ago period.