Indian private financial firm Yes Bank has digitised lending processes with API based integration on the platform of Paisabazaar.com, an online marketplace for loans and cards.
Under the API based lending model, the Paisabazaar.com platform has been integrated directly into the bank’s core processing systems to provide a better customer experience.
Yes Bank group head branch and retail banking Rajan Pental said: “This API based lending model envisages making the credit process more templated and will digitise 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.”
Now, any customer applying for a loan through Paisabazaar.com will receive a smooth processing experience, if they have selected Yes Bank as their preferred bank.
Last year, Yes Bank entered into a strategic partnership with Paisabazaar.com to provide conditionally approved loans to the existing customers.
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Paisabazaar.com CEO and co-founder Naveen Kukreja said: “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.”
Till date, the API platform has registered 3,687 logins for a combined value of INR1.55bn ($23.3m).