The partnership allows Yes Bank to offer customised financial solutions to its clients by implementing Falcon's products and leveraging its state-of-the-art technological infrastructure. Falcon offers a future-proof stack that institutions and tech companies can use to create bespoke cards, payments, lending products, and accounts.
According to indianweb2.com, Falcon’s stack can either be seamlessly embedded via flexible open APIs or launched instantly with no code solutions. As for Yes Bank, it offers a selection of products, services and technology-driven digital offerings for MSME clients, retail, and corporate entities.
Yes Bank officials cited by the same source highlighted the bank’s inclination towards adopting digital initiatives in order to improve the banking experience of their customers. They also touched on the Falcon partnership and how it enables the bank to create new propositions within shorter time periods without compromising on quality and convenience.
Falcon officials highlighted their plans to introduce several innovative use cases and product lines in partnership with Yes Bank. They also revealed their ambition to achieve USD 100 billion in annual total processing volume (TPV).
According to ibsintelligence.com, Falcon launched in India in January 2022 and revealed plans to reach USD 30 million in revenue by March 2023. According to the same source, companies are looking for new ways to overcome the challenges associated with integrating with multiple banks and legacy systems, which is why embedded finance is becoming commonplace.
The aforementioned integrations can take an average of 9 to 12 months to complete and can end up costing millions of dollars. Falcon’s solutions aim to help fintechs, startups, and BFSI companies to launch their new financial products in days and with a considerably lower upfront cost.
In January 2023, Yes Bank partnered with Microsoft in order to provide a personalised banking experience for its clients via a new mobile app. According to livemint.com, the India-based bank will leverage Microsoft’s Azure platform to create the app, which will provide traditional banking services as well as online payments, shopping, rewards, offers, and customised dashboards.
Regarding this partnership, officials from Yes Bank highlighted the app’s role in bringing merchants and ecosystem partners onto a common platform.
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