YES BANK teams up with Salesforce to boost retail lending, enhance customer experience

YES BANK on Tuesday said it has entered into collaboration with Salesforce, a leader in customer relationship management, to build a next generation technology platform to power the retail lending business, in line with the bank's strategy to further scale up its retails assets portfolio. The private lender aims to deliver intelligent personalised customer experiences through the Salesforce platform.  

"Leveraging on the strengths of YES BANK's technology capabilities and Salesforce's platform, this collaboration aims to engage customers with a unified experience and drive aggressive retail led growth for the bank," YES Bank said in a press release.  

The lender claimed that it is among the first banks in India to move to Salesforce for loan origination and processing.

The bank said the deployment of the Salesforce loan origination system for retail banking will enable it to provide personalised solutions and connected banking experiences for consumers across segments. It will bolster the bank's capacity to process higher volumes of loan applications through enhanced automations and progressive API integrations while also eliminating manual processes in the loan cycle - thereby reducing the turnaround time (TAT) for improved customer satisfaction.

Also Read: YES Bank share slips 5% in early Future Group, trade

"Leveraging on the digital capabilities, the bank will be able to speedily launch a new range of innovative products and services to support the evolving needs of customers," it said.

The platform will also enhance collaborative innovation within the bank, providing its employees from relationship managers to loan disbursement officers and risk managers, with a unified view of their customer's portfolio and improved agility in offering customized digital solutions.

Also Read: YES Bank, GE Power biggest losers on stock market in 2020

Speaking on the collaboration, Prashant Kumar, MD & CEO, YES Bank, said, "We look forward to driving further innovations through the Salesforce ecosystem that will benefit our customers, thereby accelerating the bank's growth journey towards doubling retail and SME business by December 2023. The collaboration reflects our commitment to further scale-up our digital and technology capabilities to deliver a personalised and secure customer experience. By bringing together our potential synergies, we now have a clear path ahead to create innovative new experiences for customers, partners, and employees."

Arundhati Bhattacharya, CEO and Chairperson, Salesforce India, said, "YES Bank has the vision to deliver renewed and unified experiences to customers by building long-lasting relationships, and Salesforce is excited and proud to be collaborating with them on their digital transformation journey to power the retail lending business for India. The new normal has reinforced the importance of the customer and businesses need to focus on long-term relationships ensuring customer wellness. From creating back-office efficiencies to powering personalised end-user experiences, we look forward to a fulfilling association with YES Bank."

By Chitranjan Kumar