"Money Monitor" is an Account Aggregation Service, powered by Yodlee(r)Secure service gives customers a single, integrated, view of multiple financial accounts, including banking, credit cards, investments, loans, and more.
Bangalore, Karnataka, India, October 1, 2008 (PRESSbooth.ORG) -- Yes Bank, India's new age private sector bank focused on innovative banking and financial solutions, today announced the launch of Money Monitor powered by Yodlee – an innovative online account aggregation service – the first of its kind in India. Yes Bank customers will now have complete control of their finances across multiple savings, loan, investment and credit card accounts, among others; thereby enabling them to evaluate their net worth on a regular basis. Yodlee is a market leader in delivering online banking solutions and payments technologies in the United States.
With Money Monitor, Yes Bank customers can now access, view, print and receive alerts of all their financial information, including online banking, bill pay, brokerage, loans, credit cards, insurance, fixed deposits and reward points information, from both Yes Bank and other financial institutions, through a single user interface. Essentially, the service provides the convenience of remembering only a single Internet banking password to access and manage multiple accounts online with built-in security to protect consumers and their data.
"Yes Bank is clearly a banking leader in India and on a rapid growth trajectory," said R Subramaniam (Subbu), Vice President and Managing Director of Yodlee India. "We have been particularly impressed by Yes Bank's drive for technological innovation and its knowledge-driven approach to banking, focused on delivering a truly personal experience for its retail banking and wealth management clients – a vision we at Yodlee share. We see a tremendous opportunity in India and Asia Pacific to work with major banks like Yes Bank to deliver better banking and payment services, via online and mobile."
Mr. Rana Kapoor, Managing Director & CEO, Yes Bank, said, "Yes Bank is delighted to partner with Yodlee in bringing to India the finest Online Banking Solutions. Yodlee's innovative and patented solutions will offer our customers an unparalleled experience on the web as they gain complete insight and control over their finances. Yodlee's product knowledge and technology will help power Yes Bank as it further establishes its leadership in the online financial space."
Yes Bank is the first in the Indian banking industry to utilize Yodlee's patented technology to access, consolidate, and present personal account data from virtually any online account. By providing users a single, integrated, view of all financial and related information - on the Internet, via email and via mobile devices - Yes Bank strives to ensure customers have a convenient experience and heightened control over their financial planning and budgeting on an on-going basis. Customers can use this unique service by registering online at the Yes Bank website ( www.yesbank.in ) or by visiting any of the 101 Yes Bank retail branches nationally.
Key features of Money Monitor, powered by Yodlee, include:
* Holistic Financial Picture – with all balances and transactions gathered from financial, bill and rewards accounts * Personal Data Reports – such as a net worth statement, cash flow report, and historical account balances * Expense Categorization – for all credit card and bank account transactions so consumers can know, in an instant, exactly where they're spending their money * Budgeting – including easy-to-use tools for setting budget goals and monitoring progress * Alerts – via email or SMS to monitor against fraud, and help prevent late fees, overdraft charges, and missed payments * Lifetime Storage – gives consumers a true digital financial vault for all financial transaction history * Universal Portfolio Tracker – with quotes, company profiles, and historical portfolio performance and asset allocation charts
With over 40 million Internet users and only 5 million online banking users in India, 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.
About Yes Bank:
Yes Bank, India's new age private sector Bank, is the outcome of the professional commitment of top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the "Future Industries of India".
Yes Bank has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. A key strength and differentiating feature of Yes Bank is its knowledge driven approach to banking and an unprecedented customer experience for its retail and wealth management clients.
Yes Bank is steadily building corporate and institutional banking, financial markets, investment banking, corporate finance, business (SME) and transactional banking, retail banking and wealth management business lines across the country. The Bank's constant endeavour is to provide a delightful banking experience expressed with simplicity, empathy and totality.
About Yodlee:
Leading financial institutions trust Yodlee to power critical online banking applications that increase profitability and drive more value from the online channel. Yodlee's proven personal financial management, payments, and customer acquisition solutions unify all personal financial account information to deliver a simple, centralized and secure way for consumers to manage all of their financial tasks – any time, anywhere. Yodlee makes financial institutions' websites essential to their customers and generates new revenue opportunities. Over 150 leading financial institutions and portals today offer Yodlee-powered solutions to millions of customers worldwide. Yodlee operates in India, the United States and Europe and is headquartered in Redwood City, California. For more information, visit www.yodlee.com.
Yodlee is a registered trademark of Yodlee, Inc. All other products and services mentioned are the property of their respective owners.
Contact:
Mangala Singhal
Corporate Comm. Coordinator
Yodlee Infotech Pvt. Ltd
Bangalore
Ph: 080 - 39805954
e-mail: msinghal1 @ Yodlee.com
Sunanda Parekh
Manager – Corporate Communications
Yes Bank Ltd.
Mumbai
Ph: 022-66699172
e-mail: sunanda.parekh @ yesbank.in
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