Davit Satyan, Founder & CEO of YAN while conversing with Daily NewsPK explained what led them to build a single ecosystem for digital banking with ecommerce and a marketplace in one Super App.
1. What led you to create ‘YAN’? When was it founded?
Historically, the banking sector in the UK has been dominated by a handful of large traditional banks; poor on service, with costly fees and unimaginative products delivered through legacy technology. Digital banks have made impressive inroads into addressing many of these challengers however largely are still unprofitable. This led to us founding YAN in 2020.
2. What is the core service/solution you are providing? What are the pain points that you are targeting and what is the key differentiating factor from similar offerings?
YAN is building a “fusion” bank that will offer traditional banking in a digital format together with e-commerce and a marketplace. Our all in one ecosystem is the first super-app in Europe and the US that covers not only finance but there is a great deal of eCommerce involved. Servicing both personal and business customers, our one stop digital lifestyle app is fast and easy to use, for banking and retail.
Customers can expect all the usual banking services such as payments, direct debits, saving accounts and budgeting tools. In addition to this – and this is what will make us different and drive customer loyalty and profitability – we will offer currency exchange, digital coins, retail online shopping and a marketplace for both bargain hunters and budding entrepreneurs.
3. What are the parameters to measure client satisfaction?
Our ambition is to help customers and small businesses grow. Many digital banks score their success through customer volume. We propose a different model. YAN will build revenue streams through e-commerce and fintech partnerships. We can offer SME (Small and Medium sized Enterprise) businesses a faster route to market with improved access to cashflow and at a reduced cost.
4. What is your future outlook and what do you stand to achieve by next year?
YAN will be launching YAN Bank and YAN e-Commerce in Q4. Our technology will allow us to scale and grow our infrastructure quickly and efficiently which means we have ambitious plans for 2021. We are open for early adopters to sign up to our waitlist which is growing fast.
