YAN Bank is a digital UK startup with a mission to become the world’s first eCommerce bank. It aims to bring together online banking, eCommerce and marketplace. YAN will offer a wide range of banking services such as current accounts, savings accounts, business accounts, insurance, credit cards, loans and crypto banking. Other services are money transfer services, budgeting tools, currency exchange services, digital coins (including its own YanMoney), and retail online shopping. YAN is currently in beta, but you can join its waitlist.
What’s Special About YAN Bank
- It will be a multicurrency account – including cryptocurrency.
- Its Sellers Hub will allow you to sell products online on multiple ecommerce platforms.
- Your account will have currency exchange, investing and trading options.
- YAN will offer features such as split bills, saving ‘pots’ and budgeting tools.
- You will be able to link your utility and service bills into your account.
YAN Bank Services and Products
YAN aims to serve both personal and business customers. It offers solutions to customers to bank, shop, and pay for products. YAN’s main products are the YAN Super App and the YAN.Market web platform.
The YAN Super App
The YAN Super App is a one-stop digital lifestyle App that helps customers simplify and take control of their finances. Customers will be able to use the YAN App to pay bills, receive salary, order a takeout, hail a taxi, update travel insurance, exchange currency, or buy a birthday gift. YAN also offers its own digital currency, YANMoney with which customers can send and spend money across borders.
The YAN.Market web platform is a natural extension of the YAN Super App. YAN.Market’s services will be similar to those offered in the YAN’s mobile app only that they will be accessible on the web platform. YAN.Market is YAN’s eCommerce section where sellers will present their online businesses displaying their products and services. On the same section, shoppers will be able to search for products, find their detailed descriptions, choose store locations, or where the products will be delivered when they make a purchase.
To upload products to YAN.Market, sellers will need to create a store by signing up in YAN’s Seller Hub (a multi-channel order and stock management system). The YAN’s Sellers Hub provides merchants with a single user interface for selling both on YAN.Market and on other supported sales channels. YAN.Market’s Sellers Hub integrates with most popular shipping carriers and couriers and with accounting software such as Sage, Xero, and QuickBooks to help consolidate accounting across all sales channels and to automate post sales data.
YAN Bank’s Subscription Plans
Registered sellers on the YAN.Market eCommerce section can access three subscription plans; the Grow Plan, Scale Plan, or the Pro Plan.
- The Grow Plan. Subscribing to the Grow Plan gives access to a number of features including unlimited listings, eCommerce multi-channel integration access, tools for product marketing and reports, 24/7 seller support, and analytics tools.
- The Scale and Pro Plans. These plans come with additional accounting tools, business current accounts with a debit card, product shipping, and marketing tools.
The first registered 100 sellers will get free access to the Grow Plan for the first 12 consecutive months.
YAN Bank’s Target Markets
YAN Bank aims to provide its services in the United Kingdom. It especially targets digitally savvy millennials who regularly use digital banking and shop online often. With the outbreak of the Covd-19 pandemic, many businesses are offering their services online, making it ideal for YAN Bank to also launch its services online.
Many challenger banks’ revenue streams are based on overdraft fees, and they rely heavily on investment funding, but we will work like Amazon or eBay. YAN will make its money from the companies which join its marketplace and feature their products, as well as from fees coming from its core banking offering, and its own financial products.
YAN Bank’s Security
YAN’s eCommerce customers; both sellers and shoppers will be protected from all forms of fraud when using the platform. YAN’s Super App’s bank grade security and authentication gateway with two-factor login verification eliminates fraud. Initially, YAN will operate under e-money licence but it expects to apply for the full banking charter in the near future.
Yank Bank Alternatives
There are other banks that are coming up with solutions for ecommerce businesses. The alternatives to YAN bank include:
Final Thoughts on YAN Bank Review
YAN Bank aims to offer customers a safe and easy to use functional platform within the YAN Super App. Its better rates, fewer fees, smarter services, relevant financial tools, and innovative integrations will help grow businesses. To stay up to date with latest news and insights concerning YAN Bank, sign up and join its waitlist.