This API based lending model is a first of its kind model wherein Paisabazaar.com platform is integrated directly into the Bank’s core processing systems to deliver a superior customer experience. Till date this API based platform has led to 3,687 logins for Rs. 155 crore
YES BANK, India’s fourth largest private sector Bank, announced digitization of its lending processes with an API based integration on the platform of Paisabazaar.com, a marketplace for loans and cards. This API based lending model connects directly into the Bank’s core processing systems to deliver a superior customer experience. Till date this API based platform has led to 3,687 logins for Rs. 155 crore.
With this API based model, any customer applying from Paisabazaar.com with YES BANK as their preferred bank will get a seamless loan processing experience.
Commenting on the development, Rajan Pental, Group President and Group Head – Branch and Retail Banking, YES BANK, said, “This API based lending model envisages making the credit process more templated and will digitize most of the lending processes in order to significantly reduce paperwork thereby reducing the decision turn-around-time for customers. The collaboration between YES BANK and Paisabaazar.com will see the evolution of a first such model between two large entities in order to further scale and expand customer reach. This will also help in building significant cost and process efficiencies for both YES BANK and Paisabazaar.com.”
Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “We, at Paisabazaar.com, aim to provide our customers a completely seamless experience while choosing the most-suited financial product. This year, our biggest focus area is to use technology and data extensively to offer consumers maximum convenience. This API integration with YES BANK is a step in that direction which will take the consumer experience on Paisabazaar.com to the next level.”