YES Bank selects IBM to drive business growth through mobile banking

YES Bank,  known to be India’s fifth largest private sector bank, announced that it has deployed IBM’s MobileFirst platform to support its move into Retail Banking and the Digital payments sector by offering new mobile apps and services that create more personalized and rewarding customer relationships.

Currently, YES Bank has more than one million customers along with a widespread branch network spanning over 630 branches across 375 cities, with more than 1200 ATMs and two National Operating Centres in Mumbai and Gurgaon. The bank has set aggressive business goals, including plans to increase its customer base to nearly five million over the next five years and has adopted a ‘DIGICAL – Digital +Physical’ strategy consisting of a blend of offline and online channels leveraging innovation and technology.

The bank selected the IBM MobileFirst Platform to enable it to offer secure, innovative apps that improve customers’ banking experiences while enabling them to migrate from high cost touch points such as completing transactions in the bank branch to more personalized digital banking service. YES Bank has been able to reduce time to market for its apps by 60 percent, which is especially important as it plans to scale the number of banking apps being offered across its various retail and commercial banking segments.

YES Bank will not only focus on the mobile banking experience for retail and HNI customers but will also launch a digital wallet for its young social media, smart phone users. The bank also plans to introduce enterprise apps to support SME, business and corporate clients with a focus on user experience and strong security features.

“YES Bank strives to be at the forefront of adopting technological innovation to evolve and enhance the banking experience in India. This partnership with IBM is a pivotal development in designing Intelligent Middleware, CRM and Mobile Enterprise Applications to boost customer experience, provide deeper engagement and significantly reduce the time and cost of service. We are targeting a 500% increase in our Mobile Banking User Base in the next 18 months using the mobility platform”, said Ritesh Pai, Sr. President and Country Head- Digital Banking, YES Bank.

“In this highly competitive industry, banks are moving toward more sophisticated mobile strategies, supported by apps that are context sensitive and provide superior levels of customer experience. IBM has deep experience in this space, helping organizations like YES Bank to map out mobile-driven customer journeys and build long time loyalty,” said Hitesh Shah, Director, Software Segment, IBM India.