Reported by: banking|Updated: February 27, 2017
Ritesh Pai, senior president and country head, Digital Banking at YES Bank, outlines how the bank is evolving into a 8 digital entity:
Brian Pereira: What are the technologies that you invest in heavily?
Ritesh Pai: YES Bank has embarked on the journey to be ‘Finest Large bank in India by 2020’ and customer service plays a key role in determining the success of this journey. Core banking and intelligent middleware, CRM, mobility platform and data analytics platform have been identified as four key pillars, which will determine our ability to engage with customers through various touch points. In the last few years we have been investing in the above-mentioned areas with an emphasis on digitization of workflows and providing digital payments. Further, with increase in digital natives, there is a strong focus on enabling payments and customer service on social messengers/bots.
Where do you see yourself in the digital transformation journey?
The journey of digitization started in 2012 and we have now digitized major workflows in the areas of corporate businesses and retail liabilities. Last year, when we embarked on the journey of offering retail credit and credit cards to the customers, we have started with digitized flows from day zero. Further, we have initiated core banking upgrade, deployment of which is due for completion in this financial year. We have implemented mobility platform and rolled out few customer facing apps in this year. The focus now shifts on the enterprise applications that will be created with an intelligent mix of CRM and core system APIs at the backend. All in all, over the last couple of years we have set up the platform and now we are on cusp of unveiling the moments of customer delight with in interplay between customer data, analytics platforms and customer touch points.
How do you plan to use fintechs to support and achieve those goals?
In the initial years of operational excellence, we have offered superior ‘techenabled’ banking solutions to our valued customers. In our current phase, we are progressively evolving into primarily a technology and innovation driven company, which excels in providing newage mediums and digital technologies to achieve a heightened customer engagement and experience. Some of the bank’s key digital initiatives revolutionizing payments ecosphere are: