YES BANK has fast become strong contender in the Indian banking marketplace. The bank is gearing upto face the technological challenges they face and the role of cloud.
YES BANK has fast become strong contender in the Indian banking marketplace. Mr. Amit Sethi, the bank’s Chief Information Officer [CIO], talks to moneycontrol.com on the technological challenges they face and the role of cloud.
Q: In your organization and from your industry context, what are the expectations from your users & customers?
A: “Since customer demographics and preferences are changing everyday their interactions across various channels be it online, branches, mobile etc becomes very critical for banks to create service differentiation. User experience across these channels could be a big differentiator with automated branches, personalized web pages, offer on demand etc. Customer experience becoming a service differentiator, the focus on front office & customer facing channels has become important with expectations rising across BI , risk management, real time processing, end user device servicing, channel agnostic delivery, mobility, social media, SOA based architectures, scalability and revamp of legacy infrastructure.”
A: “Strategic partnerships with some of the best known IT majors globally, to develop innovative system features in order to improve process efficiencies and create sector-specific banking solutions. Additionally the development of a robust Business Continuity plan in Bank addressing risks and secures systems that are vital to business operations, latest updated software, no downtime for processes, maintenance,24X7 availability etc. YES Bank has moved technology function to a "service-oriented architecture," where solutions are procured as a service from multiple vendors. So if the bank needs a single billing or payment infrastructure, for example, it would just get that off the shelf from a vendor, without having to go through the trouble of building it in-house.
Q: What are your real IT headaches? And what are your peers in the Industry confronted with?
A: - Lack of Flexi cost approach
A: “YES bank has evolved to address these IT headaches with the use of cloud platforms to access technology at the pace and intensity the bank needs it. That helps it minimize up-front capital investments. It also gives the flexibility needed to tap new technologies as they become available without being tied to legacy investments. Also bank is looking at vendor agnostic solutions with no lock in arrangements and design flexibility to move from a dependent to hybrid and then to a self sufficient model.”
A: '“Analytics: Advanced Business intelligence and analytics are the keys to better information at lower cost. BI can enable advanced analytical abilities which will help banks in creating personalized customer experience, service differentiation and customer acquisition. “Insights 2 Engage” is YES Bank’s In-house initiative to develop a holistic single interface for managing the complete spectrum of customer engagement including Customer demography and physiographic details Products, relationships and complete cross holding with bank Channels and service analytics including transaction/channel preference
Q: How is Cloud shaping or is expected to shape your operations and your industry?
A: Cloud enablement makes new and bundled products and services easier to develop and provide, whether on a standalone basis or through partnering with vendors. Since the hardware and software are available on demand, the user has to pay only for what is utilized and need not make a huge investment upfront. So banks can use cloud computing to enter and scale up in emerging markets more quickly and at a lower cost and risk. YES bank was the first to use a ‘public cloud’ platform for routine banking services like enabling customers to open new accounts online. Also bank uses cloud services for critical banking services like payments and domestic remittances. The cloud platform brings flexibility and speed, and it is cheaper. The BANK can access the necessary technology infrastructure from cloud platforms at the pace its customer volumes grow and avoid large up-front capital investments. The bank launched its public cloud in October 2012 after seven weeks of preparation and with no initial investment, since it would incur costs on a per-transaction basis. At other banks that use conventional technology, such an effort would have consumed up to six months and nearly $200,000 in initial investments. "Private clouds" are more common among Indian banks, and YES BANK uses one for centralized administrative tasks.”
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