Yes Bank launches account aggregation service

Those who may be less disciplined, financially speaking, will now find it easier to manage their money and their financial committments. Yes Bank, a private sector bank, has announced the launch of Money Monitor which has been developed by Yodlee, a US-based software product firm.

It is an online account aggregation service and the first of its kind in India. It does away with the need to remember far too many passwords. Yes Bank customers will now have complete control of their finances across multiple savings, loan, investment and credit card accounts, among others; enabling them to evaluate their net worth on a regular basis.

Yodlee, which is based out of Redwood in California, delivers online banking solutions and payments technologies in the United States. Yodlee does most of its development work in Bangalore with about 325 people based out of Bangalore.

With Money Monitor, Yes Bank customers can access, view, print and receive alerts of their financial information, including online banking, bill pay, brokerage, loans, credit cards, and 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.

“We see a tremendous opportunity in India and Asia Pacific to work with banks like Yes Bank to deliver better banking and payment services, via online and mobile,” said R Subramaniam, VP and MD, Yodlee Infotech Pvt Ltd. Yodlee mainly caters to the BFSI sector, supplying its products to banks, insurance firms and even Vodaphone in the UK.

According to Ravishankar, executive vice-president and country head, Yes Bank, “This allows Yes Bank to be able to target customers better and understand customer behaviour and offer the right products to them.”

The service allows customers to have a holistic picture, get personal data reports, expense categorisation, budgeting, alerts, lifetime storage and universal portfolio tracker.