India’s fourth largest private sector bank, YES BANK, is collaborating with innovation partners, SAP and IBM to digitalise the financial supply chain of its clients, as part of their ongoing collaborations and joint initiatives to develop India’s digital banking system.
At a recent roundtable with SAP and IBM, YES BANK connected with key finance and business leaders to identify industry specific solutions in key sectors. The bank shared how API banking can mitigate risks, enhance business productivity and help businesses gain more from their IT/ERP infrastructure.
YES BANK, the first bank in India to launch API banking services, currently has 200 API clients, with a forecast for 500 more expected during fiscal year 2018.
The roundtable helped the bank to identify pain-points and gaps in the financial supply chain, for which the bank in collaboration with fintech start-ups will seek innovative solutions through the bank’s fintech accelerator program, YES FINTECH.
“Through this design thinking workshop, YES BANK with SAP and IBM is assisting our corporate clientele to digitally transform and leverage the power of banking from their IT and ERP systems,” said Rana Kapoor, managing director and CEO, YES BANK.
Stating that in today’s rapidly evolving digital landscape it is critical to use both banking and technology as strategic enablers, Kapoor said that the bank has been actively collaborating with fintech start-ups through their Alliances, Relationships and Technology (ART) model and currently has more than 100 such partners.
The bank is now looking to organise similar roundtables in key regions across the country.
“Today’s API-powered digital ecosystem presents an unparalleled opportunity for banks to co-create innovative solutions and new business models along with their ecosystem partners,” said Karan Bajwa, managing director, IBM India.
“IBM is excited to collaborate with YES BANK, powering the underlying technology that facilitates the delivery of an agile, secure and best-in-class open banking API infrastructure.”
