Security has been a key barrier to utilizing internet banking solutions in India. Nexus has enabled YES BANK to deliver a convenient and secure, ‘always on’ connectivity experience to its customers utilizing online banking applications. Nexus’ sophisticated authentication and transaction authorization procedures are also helping the bank combat the issues of identity theft and fraud.
There can be no denying that over the past few years, the banking industry has woken up to, and changed by, the rapid advancement of internet. The impact of web-enabled technology and mobile phones with which customers can access their accounts and conduct transactions whenever they want, has heralded a change in customer behavior and usage patterns. Instead of visiting local branches, customers can now access accounts and transfer money via a computer, mobile phone, or handheld device, from anywhere in the world.
Internet banking capabilities have been available in India for nearly a decade. However, customer adoption has been slow due to the concerns of convenience and security affecting the adoption of such services.
“Our priority is to deliver solutions that take into account present and future customer needs,” said H. Srikrishnan, Executive Director at YES BANK. “We identified that a key concern for our customers was the ability for us to guarantee a high level of security, giving them the confidence to use internet banking without the worry of fraud or theft. Our priority was addressing this issue and identifying a solution that would improve customer confidence and provide a reliable and user-friendly experience.”
YES BANK is committed to aligning itself with best-of-breed technology partners to ensure proactive, on-demand support to meet present and future customer requirements.
Eager to deliver superior online service and to negate any customer concerns with respect to internet banking, the bank conducted a comprehensive analysis of customer usage patterns, which included the potential list of transactions a customer would conduct via internet, potential online banking usage in the future and the types of devices customers would use to access the internet.
As a part of the same analysis, they reviewed a host of leading internet banking security solutions globally, which would meet customer requirements – a strategy and approach validated by Gartner.
Following a 2-month intensive evaluation, YES BANK selected Nexus Authentication Server as their secure application access solution. Nexus Authentication Server is currently being used for securing internet banking applications for all retail customers.
Security challenges threatening financial institutions are evolving rapidly and by utilizing Nexus 2-factor Authentication (2FA), the bank can provide customers with a secure internet banking experience – anywhere in the world. In doing so, it also became the first bank in India to deploy 2-factor authentication to enhance customer security.
Nexus Authentication Server is the industry’s first fully integrated and completely extensible software platform for secure application-centric access. Using the Nexus software platform, it is possible to provide completely secure access to critical information and applications for internal users, mobile workforce and integrated distributed partner networks from any device in any location. Two-factor authentication requires users to input a username and password, as well as hold some kind of unique possession, such as a mobile phone or PDA, to receive or generate a time-limited one-time password.
“Nexus Authentication Server solution is very comprehensive,” said Srikrishnan. “As we continue to analyze customer usage and transaction patterns, we will introduce a greater level of sophistication with regard to our authorization procedures.”
YES BANK intends to deploy Nexus as a single sign-on (SSO) application for all corporate internet banking customers and for internal systems as well over the next year.
“The immediate benefit we have seen is how customers perceive us,” noted Srikrishnan. “Technology has to deliver secure solutions in a convenient and user-friendly manner to our customers in order to increase the propensity of internet banking. Nexus is both flexible to integrate and delivers multiple identification and authenticating solutions based on various business scenarios and customer needs. The Nexus implementation team came well prepared with a thorough understanding of our needs as a business. The entire process, from evaluation to implementation, was very fast. We see the Nexus application platform catering to a larger number of solutions within our environment in the near future.”
Published
01/12 2017
YES BANK is India’s fifth largest private sector bank, founded in 2004. It is a “Full Service Commercial Bank”, and has steadily built a Corporate, Retail & SME Banking franchise, Financial Markets, Investment Banking, Corporate Finance, Branch Banking, Business and Transaction Banking, and Wealth Management business lines across the country.