Yes Bank Debuts RFID in New Delhi Branch
With the pilot implementation of radio frequency identification in its New Delhi branch, Yes Bank is all set to take customer-friendly banking approach to the next level. This implementation is said to be first of its kind in India.
With a focus to innovate banking with technology-driven tools, Yes Bank has introduced Radio Frequency Identification Device (RFID) in its New Delhi branch. The implementation in its ‘branch of future’ is a novel approach in the Indian retail banking landscape.
"The radio frequency identification enables easy customer identification. The walk-through antennas of the branch would identify the card, be it in pocket wallet or bag. This identification-upon-arrival is customer-friendly, and has added to the significance of great banking experience," said Ravishankar, executive vice president and country head of direct banking and cash management services at Yes Bank.
The RFID microchip, which is inserted in the customers’ debit card, transmits relevant identity information to the relationship managers. This technology enables the banking staff to get a pop-up of customer’s basic details and photograph on their PC screen as soon as they enter the premises, thus it saves time and eliminates basic introductory verification.
"The bank has done deep-down research from various banks worldwide, and has adopted some of the best practices as well as merchandising policy. Yes Bank has made significant partnerships with technology partners, and SkandSoft Technologies is one of them," Ravishankar said. The solution includes antenna customization and embedding RFID inlays in the existing debit cards with MasterCard standards.
SkandSoft Technologies has implemented the RFID initiative, as well as offer real-time pervasive Customer Relation Management (CRM) solution to the bank. This facilitates real-time identification, and when the customer walks out of the bank, after transaction, RFID reads the tag and updates the database. It also helps the bank to get frequency reports on personalized parameters that enable it to conduct business process audits.
Yes Bank already offers single PIN access to all banking channels, and it operates more than 118 branch offices that include 23 in NCR. "We’ll see customer’s reaction and access their feedback, and then go forward with this technology in other branches. We ensure secure data flow as the servers are placed in the US, and are being audited by some of the top firms in the world," said Ravishankar.
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