Mr. Rajat Mehta
Senior President, YES BANK
“Freedom of choice is more to be treasured than any possession Earth can give.” – David O. Mckay
1991. The last decade of the previous century brought a revolution in India. While it is generally referred to as ‘Liberalisation’, the effects were felt not just in the economy but also in the social and cultural fabric of India. The middle-class Indian was not just exposed to new brands but also pampered for choices.
2008. The smartphone revolution kick started in India and connectivity became the buzzword. With smartphones, came mobile applications and the Android operating system that, instead of having a one-size fits all approach, gave the user the freedom to choose functionalities, settings, themes and a whole lot of customizations.
2017. This year will be known as the year when the “Power of Choice” truly came into banking.
Look around and you will find that every innovative product is now giving the power of choice to the consumer, by providing information, options and trials with technology playing a pivotal role. Amazon’s recommendation algorithm is legendary. Facebook’s new interface is about choosing what you want to see on your news feed. Packaged Meal services have ventured into make-your-own-meal model. You can create your own voice-and-data phone plans. The fact of the matter is that it is now consumers and not companies who are creating products. Why should banking be any different?
At YES BANK, we took note of this changing environment and customer behavior and decided to provide customers what they want. Thus, the unique Customizable Savings Account was launched that gives the customer the power to choose, instead of offering off-the-shelf products to every customer segment. Now, a customer can choose from a range of debit cards, banking benefits, minimum balance requirement, and complimentary offers on other YES BANK products. Along with enabling the customer to create an account that suits his or her lifestyle and banking preferences, the Customizable Savings Account will also protect the customer against unwarranted charges by eliminating unnecessary account features.
This customer-orientation is not restricted to Savings Account. YES BANK had recently launched a fully-customizable Current Account for its business customers as well.
It will not be an exaggeration to term introduction of the all-new Customizable Savings Account by YES BANK as the ‘Liberalisation of customer choice in banking industry’ or the ‘Android of savings accounts’.