Adjudged Winner in the ‘White Label Products and Bank-As-A-Service’ Category for pioneering innovative initiatives to digitize banking and payments
YES BANK is among the 15 winning organizations, out of more than 130+ applicants from financial services firms across the Asia-Pacific region
Mumbai, March 09, 2018: YES BANK, India’s fourth largest private sector Bank won the ‘APAC Leader in Digital Transformation’ Award at the 12th edition of the International Data Corporation (IDC) Financial Insights Innovation Awards (FIIA) 2018 in the ‘White Label Products and Bank-as-a-Service’ Category.
The winners were announced at the Asian Financial Services Congress 2018 organized by IDC Financial Insights Asia/Pacific held in Singapore recently. YES BANK is one of the 15 select organizations to win the prestigious award on a global platform, among 130+ applications from financial services firms across APAC region.
Commenting on the development, Ritesh Pai, Chief Digital Officer, YES Bank, said “This award is testament to YES BANK’s remarkable initiatives in establishing leadership in innovative digital solutions. YES BANK’s ‘Digital First’ approach is helping the Bank rapidly gain mindshare and market share across new age Payment and lending platforms and ensuring that we provide best-in-class service to our clientele by customizing their experience through a suite of API integration kits that also include novel technologies like Blockchain. Winning this award at a global level, reinforces our commitment to digitize businesses by offering Banking-as-a- Service, forging deep long-lasting relationships with businesses and while doing so, creating a multiplier effect in reaching out to customers.”
YES BANK was the first Bank in India to successfully implement innovation in Supply Chain Finance using blockchain and API Banking led solutions that established the bank’s leadership position as a platform to connect various players in the digital and financial ecosystem by embracing a quick plug-&-play model and provide outstanding service to the bank’s customers.
Every year, IDC invites financial institutions across the Asia Pacific region to nominate their flagship initiatives to the IDC Digital Transformation Awards and this program continues to be one of the most sought-after awards in the industry.
The organizations which IDC Financial Insights judged to have distinguished themselves as having not only effective solutions that meet the challenges of today’s dynamic market conditions, but also in establishing altogether-new standards in the use of IT.
The merits of all submissions are measured by the FIIA Assessment Panel, composed of Financial Insights’ lead analysts, independent judges from a panel of veteran industry practitioners and thought-leaders. The evaluation process subjects each initiative to a rigorous set of scoring metrics that takes into account its responsiveness to market needs, effectiveness of deployment, and market response and long-term business viability.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/