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 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 29 states and 7 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/
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