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:

Banking Frontiers - - News - Mehul@bank­ingfron­

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.

De­cem­ber 2017

Ritesh Pai re­veals that YES Bank is work­ing on au­tomat­ing sev­eral process and ser­vice touch points through bots

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