Yes Bank has partnered with banking-as-a-service startup Falcon to tap into the embedded finance market, the bank said in a press release on Tuesday.
Embedded finance enables the integration of a non-financial services with a financial service.
Simply put, the partnership with Falcon will enable Yes Bank to provide customers with various financial services by leveraging the startup’s wide suite of products.
“Our partnership with Falcon aligns with this approach as it empowers the bank to create innovative propositions within shorter time periods without compromising on the quality and convenience that the bank is known to bring forth across all its offerings,” Anita Pai, chief operating officer, Yes Bank, said.
“Going forward, we foresee an exponential demand for embedding financial products in newer ways, and with this collaboration, we aim to deliver that experience to our customers.”
In addition to this, the bank has also partnered with Microsoft
The bank will leverage Microsoft’s Azure stack to create the app which will offer customers – a host of services such as online payments, shopping, rewards, offers as well as customised dashboards, in addition to traditional banking functions, it said in a separate press release.
The announcement of the partnerships come when Yes Bank’s shares have risen 7% in the past three sessions. On Tuesday, it rose nearly 3% in intraday trade.
In March, the bank’s shares are expected to be released from lock-in, a period where investments cannot be sold or redeemed.