YES Bank launches fully-automated Current Account for SMEs

This new product is an outcome of an extensive market research the Bank had commissioned in association with A C Nielsen, and data analytics derived from transactions of more than 1 lakh existing clients over a period of over 3 years to account for economic cycles

YES Bank, India’s fifth largest private sector bank, has launched a fully-revamped, first-of-its-kind Current Account proposition aimed at placing the power of choice in the hands of the business consumer.

This new product is an outcome of an extensive market research the Bank had commissioned in association with A C Nielsen, and data analytics derived from transactions of more than 1 lakh existing clients over a period of over 3 years to account for economic cycles. YES BANK discovered that most business clients would like to pay for what they use and not for the entire gamut of services that are typically bundled in the ready-made solutions offered by banks currently. At the same time, fluctuations in business requirements were not addressed adequately and quickly enough by the existing Current Account propositions, thus making banking a hassle.

Armed with these findings, YES BANK has launched a dynamic and integrated Current Account proposition which offers three tiers – Edge Business, Prime Business and Exclusive Business – and a business owner can choose to start at any of the three tiers according to his own business requirements but with the same minimum balance commitment. The Bank will periodically review the customer’s usage of the Current Account and, will automatically upgrade the Account to a higher tier if applicable. In addition to this, customers can avail a range of value-added banking facilities such as Cash Management Services, Trade Forex and Remittances, Doorstep Banking, Scan Banking and Payment Gateway.

Business owners who want the best-in-class products, dedicated relationship manager and lifestyle privileges can subscribe to YES First Business, the premium banking service for businesses.

Speaking about the launch, Pralay Mondal, Senior Group President, Retail and Business Banking, YES BANK Ltd. said, “We realize that businesses have heightened expectation of innovation and high quality service from banks. YES BANK has reinvented business thinking and has redesigned a traditional banking product like Current Account into a proposition which is on complete auto-mode and our clients, therefore, will not have to go through the trouble of constantly keeping track of operational end of their account. They can now focus completely on taking their business to the next level, with YES BANK being their trusted partner.”

YES BANK has been at the forefront of innovation through products and services that offer convenient Banking solutions. It recently launched 30 branches exclusively for offering banking products to SME segment. It has also set up more than 110 Cash Deposit Machines across the country which is a self-service kiosk that enables deposit of cash directly into a YES BANK account.