Investment Options in Information Technology Sector
To ensure a highly professional banking experience, YES BANK has made significant investments in technology. YES BANK has always been at the forefront when it comes to leveraging on the latest technology to provide products and services to its customers.
This philosophy is also reflected in the five brand pillars of our Bank where technology has been identified as a key pillar and is considered a true differentiator. Many first-mover implementations have provided us with long lasting advantages, while also winning many accolades and awards for the Bank. With one of the finest direct banking platforms, we are the first Bank in India to offer two-factor authentication, single PIN access across all electronic channels and Wi-Fi enabled branches to make the Bank truly world-class.
All parts of the Bank use IT to deliver superior products and services to the customer. Innovations like Money Monitor, Mobile payments, Dual factor authentication, Mobile Banking, RFID in branches, one-view of customer relationship, most advanced speech enabled IVR enable products and sales teams to offer superior customer offerings. Additionally, YES BANK continues to strengthen its strategic partnerships with some of the best known IT majors globally to develop innovative system features in order to improve process efficiencies and create sector-specific banking solutions. Further, the development of a robust Business Continuity plan within the Bank addresses risks and secures systems that are vital to business operations.
In the current fiscal, the following initiatives were undertaken:
A Business Intelligence platform provided to users of Bank with focused dashboards relevant to their role and function. This platform is a key differentiator viz. regular market offering and focuses on providing the right information to the right people at the right time.
YES BANK has been awarded the Financial Insights Innovation Award (FIIA) for Innovation in Business Intelligence February, 2010, in Singapore.
The Mobile Payments platform in partnership with Nokia and Obopay was launched as a pilot in Pune. This first-of-its-kind platform for mobile payments facilitates pre-paid accounts for Mobile users while allowing them to:
• Make bill payments
• Make payments to other mobile account holders
• Merchant payments at the point of sales
• Potential to extend to the Microfinance business
YES BANK entered into a strategic partnership with Cordys for implementation of a Business Process Management Suite to further help automation of processes, straight through processing, robust audit mechanisms and flexibility to quickly launch new customer products.
YES BANK entered into a partnership with First Data Corporation for its ATM outsourcing in line with the Bank’s strategy to partner with best in class service providers. This move has given the Bank a substantial cost advantage viz. ATM management on one side, and ability to scale up much faster at the other.