YES Bank crunches TAT using RPA
Ritesh Pai, chief digital officer at YES Bank, provides updates on the digital initiatives at the bank that are shaping a superior customer experience:
Ritesh Pai, chief digital officer at YES Bank, provides updates on the digital initiatives at the bank that are shaping a superior customer experience
Mehul Dani: How has YES Bank adapted itself to the digital age in terms of customer offerings?
Ritesh Pai: YES Bank has pioneered several technological advances to revolutionize the banking experience in India. We have been at the forefront in the digital payments segment in India, building a state-of- the-art ecosystem- geared with futuristic payment wallet, widely accepted UPI enablers, quick plug & play API Banking systems and peer-to- peer payment facilitators through incubation of start-ups like PayKey. YES Bank believes in staying ahead of the innovation curve by enabling the entire ecosystem to benefit from A.R.T (Alliances, Relationships, Technology) – our approach to helping our customers experience world-class digital Banking innovations.
How are AI bots bringing transformation in banking?
Chat-bots would be game changers in the industry and provide major competitive advantage to banks based on speed of learning and pace of implementation.
Since inception, we at YES Bank have leveraged technology and innovation as mission critical key pillars. We have been pioneers in several technology initiatives in corporate and retail banking services in India by successfully implementing novel technologies such as block-chain, banking from ERP, AI/ ML (machine learning) backed solutions among others to enhance banking solutions for customers. Hence, YES Bank has embarked on a journey wherein certain large volume data processes are now being optimized with robotic process automation, which in turn reduces TAT from the usual 55 minutes to 5-7 minutes, while also reducing manual errors, and the actual manpower required to do these tasks.
Are you working on bringing more innovations (improved technologies) in
banking to remain competitive?
We are working on automating several process and service touch-points through bots. We expect to cut our process time by 30% through automation via AI/ML backed bots. Also, post demonetization, digital payments in India have seen a phenomenal rise y/y. It has been observed that whenever digital payment options are presented to users in a context driven / use case scenario, the chances of adoption are maximized. For example, users have had debit cards with them for over a decade now, but only with the proliferation of online purchases, foodordering platforms and ride booking apps, these users have started using the cards for such purchases. Some users who never had an active interface with the banking system have also embraced prepaid wallets and joined the less-cash drive. To amplify the impact, YES Bank has partnered with various players who attract a larger population towards different products or services and introduced payment tools like prepaid wallets, virtual cards and UPI.
What are some of the pioneering digital initiatives at YES Bank that are shaping a superior customer experience?
Through an integrated AI powered chatbot, YES Bank is enabling a digitized work flow for retail loans. Now a customer can get instant conditional approval through his mobile device, from a familiar messenger app. Each customer can get customized solutions on products, pricing and eligibility.
The customer facing front end bot is envisaged to plug into a digital platform that is completely device, medium, location and channel agnostic. In the near term, this technology would have the capability to host pre-filled loan agreements and act as a place holder for enabling e-signatures, thereby creating an ecosystem that would ensure an end-to-end digital journey for customers and channel partners alike.
YES Bank’s retail loan customers will be able to respond to pre-approved offerings from the Bank, get to know their eligibility and EMI, be able to apply for loans online and get instant in-principle approvals. The entire suite of retail lending products will made available through this technology in a phased manner over a period of one year and is expected to substantial improve user experience for more than 2.5 lakh customers by the end of this fiscal.
YES Bank is using an industry first sales productivity tool offering completely digitalized field visit reports with geotagging. This transparent sales monitoring process makes it easier for the frontline workforce to plan their day-to- day activities. Customer-facing sales team members are now able to save multiple man hours every day through ‘Real Time Call Reporting’. YES Bank will extend this technology backed front end reporting tool to more than 20,000 employees for their usage.
Ritesh Pai reveals that YES Bank is working on automating several process and service touch points through bots