Data Sciences behind YES BANK‘s New Card Segment Expansion
YES BANK amongst global finalists in “Build Advanced Analytics and Data Science Capabilities: Lessons from the Gartner Excellence Awards
Mumbai, December 20, 2017: YES BANK, India’s fifth largest private sector bank has been recognized internationally for successfully deploying Data Analytics for enhancing business impact. YES BANK’s case study was published in Gartner’s report, ‘Gartner Build Advanced Analytics and Data Science Capabilities: Lessons from the Gartner Excellence Awards, Kurt Schlegel, 28th November 2017’. The cross-industry report focusses on how businesses are integrating data science in their core business model with an aim to showcase the need for Data and analytics leaders to create advanced analytics and data science teams that directly support operational activities.
YES BANK was among the three finalists shortlisted for the award and chosen for Gartner’s case study.
Commenting on the development, Neeraj Dhawan, Group President & National Head Credit Risk Management Retail & Business Banking, YES BANK, said “Over the past few years, YES BANK has made significant investments in building a strong data & analytics architecture, with comprehensive business use-cases. The case evaluations focused on introducing futuristic initiatives for real-time business impact through data science. This global recognition encourages us in the Bank’s endeavor to be future ready, and in institutionalizing organization wide culture of promoting data-driven decisioning and client servicing.”
Over the last few years, YES BANK has expanded its retail banking franchise across all products and has set-up a central data sciences team to drive its decision-making culture. The team uses advanced analytics and data science techniques to gain insights into customer behavior throughout their life cycle — from acquisition, onboarding, servicing, cross-sell and portfolio management, to retention and delinquency management. The team acts as a catalyst to drive various marketing campaigns, product decision making, policy framework formation, credit scoring and visualization.
YES BANK’s case studies featured, focus on four recent success stories from the advanced analytics and data sciences program that directly impacted YES BANK's revenues and bottom line.
Among the case studies mentioned was YES BANK’s Recency, frequency and monetary (RFM) analysis for debit card usage for truly personalizing customer experience through nano targeted merchant offers. As a result, average spend per customer jumped by 29%, while spend for the targeted customer base increased by 44%, which contributed 27% growth to overall portfolio spend. Notably, YES BANK’s data science team’s efforts towards building a predictive model using different types of customer transactional and behavioral data to reduce value attrition in Savings Value (customers don't close an account but the balance erodes toward zero) resulted in 23% net increase in value.
YES BANK’s algorithm-based instant credit approval service on SMS : YES Insta, a first-of-its kind innovation in the BFSI industry has also been featured in the case studies published by Gartner. The algorithm which has been statistically derived by YES BANK’s data scientists has not only improved sales productivity but also increased efficiencies for channel partners and most importantly operational gains for
The other case studies mentioned focused on YES BANK’s efforts in improving MSME customer churn rate through predictive modelling and a savings value attrition predictive model for customer engagement which eventually resulted in a 23% increase in overall value.
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About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/