Acknowledged for Innovative Use of Algorithm for YES INSTA, Wins the Award for 2 years in a row
Mumbai, November 29, 2017: YES BANK, India’s fifth largest private sector bank has won the 29th QualTech Prize for Improvement and Innovation in the Indian BFSI Industry, emerging victorious for the second time in a row. YES BANK was chosen from among 100+ nominations from across industries such as manufacturing, services/IT and healthcare among others.
YES BANK has been awarded for innovative use of algorithm for YES INSTA project. YES INSTA is a digital platform that empowers the Bank’s front-end sales team to make instant decisions in accepting/rejecting a customer based on statistically developed rule engine. This enables real- time decision-making mechanism for accepting customers into the banking ecosystem and also helps in effective time and human resource management.
QualTech Prize is organized every year by QIMPRO Consultants Pvt. Ltd. QualTech Prize was conceptualized by the Quality Guru, Dr J M Juran, in 1989. The Award recognizes projects that drive improvements and innovations yielding high ROI with minimum risk.
Anand Sundaram, Group Executive Vice President, Risk Management Analytics Team of YES BANK accepts the 29thQualtech Award for Improvement and Innovation
YES INSTA’s simultaneous analysis of basic customer details, additional bureau information and analytical rule algorithm, is first-of-its-kind in the banking industry and highly differentiated from other services in the market. Owing to the novel introduction of this unique algorithm-based credit scoring, YES BANK was not only able to improve customers experience lower processing time leading to increased customer satisfaction but also resulted in significant cost-saving due to lesser paperwork, manual intervention and a 30% increase in approval rates within two months of inception.
YES INSTA is currently being used by the YES BANK Credit Cards teams for open market acquisition. YES BANK launched its Credit Cards Program/Operations in August 2016 with comprehensive suite of seven variants for retail customers. These have been very well received with number of credit card customers having already crossed 1.5 lakh card members.
About YES BANK
YES BANK, India’s fourth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “BUILDING THE FINEST QUALITY LARGE BANK OF THE WORLD IN INDIA”.
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