TheNFAPost Podcast

The new engagement will help in digitalising its credit card customer onboarding

Mumbai, NFAPost: YES BANK announced the implementation of TransUnion’s seamless onboarding solution This solution will enable YES BANK to onboard its credit card customers seamlessly, efficiently and quickly.

The solution has been uniquely designed to enable a digital, streamlined onboarding process that delivers the experience consumers prefer such as fewer customer information fields to input, no physical paperwork, and comparatively lesser time required for completing the credit card application.

What traditionally required an in-person interaction with customers for physical documentation and processing is now replaced with a completely digital process wherein a digital application link is sent to the customer, which the customer can complete from the comfort of their homes along with a video KYC (Know Your Customer). Further, the solution significantly reduces the integration time and effort for the Bank, while encompassing credit/risk decision workflow for digital end-to-end onboarding.

Speaking on the TransUnion Seamless Onboarding implementation, YES BANK Business Head – Credit Cards & Merchant Acquisition Rajanish Prabhu said YES BANK remains steadfast in its endeavor to provide customers differentiated and convenient banking experience – the implementation of TransUnion’s seamless onboarding solution reaffirms its commitment.

“This is in line with our focus on delivering the convenience of digital experiences that technologically savvy customers demand. We look forward to serving consumers with a smoother, faster and delightful onboarding experience, while also helping drive easy access to finance for them,” Rajanish Prabhu.

Highlighting the unique features of TransUnion Seamless Onboarding, TransUnion India Executive Vice President and Head of Fraud, Solutions and Alternate Data Shaleen Srivastava said Covid-19 circumstances have transformed the credit industry significantly by compelling digitalization across business processes.

“This trend will continue as consumers are increasingly demanding a digital and seamless onboarding experience that provides a fast, personalized service. TransUnion’s seamless onboarding delivers a full range of identity, fraud, decisioning and credit solutions through a single platform and API calls to make integration easy and convenient for the lender. Its flexible orchestration and plug-and-play offering enables customization to meet evolving business needs and will provide a competitive edge to the credit card customer onboarding process at YES BANK,” said Shaleen Srivastava.

TransUnion’s seamless onboarding helps both lenders and consumers experience a quicker and easier digital on-boarding process. Designed to deliver a seamless and enhanced customer journey, while increasing conversions, the solution helps to drive operational efficiencies for lenders.

The solution’s consumer-friendly design and capabilities position it to transform onboarding in India: a total frictionless experience that consumers can complete in one sitting – anytime, anywhere – without compromising privacy and security.

TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®

The company unites both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of the TruValidate™ suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

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