Yes Bank eyes up biometric tech

Yes Bank, the fifth-largest private sector bank in India, has signed a partnership agreement with Lastmile.mob to provide biometric authentication at point-of-sale using iris-scanning technology. Customers will be able to make deposits and withdrawals, transfer funds, open accounts and sign opening forms using a scan of their iris, in what Yes Bank believes is the first implementation of its kind in the country.

“Yes Bank has always leveraged technology and innovation as mission critical pillars to offer superior banking experience to its customers,” says Ritesh Pai, Senior Partner and Country head for Digital Banking at Yes Bank. “We are pleased to partner with and use Qualcomm Snapdragon processors to launch this solution which brings banking to a customer’s doorstep and also empowers MSMEs to perform an entire gamut of financial transactions. This device equipped with biometric authentication capabilities has multiple uses for both retail and corporate customers right from e-KYC verification and ATM functionalities to disbursal of small loans to merchants.”

The solution is set to be powered by mobile processors provided by Qualcomm, known for its close work with multiple mobile phone manufacturers. “We are committed to continue pushing the envelope on India-specific innovations and technologies, such as biometrics,” says Jim Cathay, Senior Vice President and President for Asia Pacific and India, Qualcomm. “Support for local language and other technologies focused on India will help bring next-generation, cost-effective solutions to Indian customers in all tiers.”

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