Yes Bank has always been ahead of the curve in adopting and implementing new technologies, be it API banking, blockchain or RPA. In order to reduce the service time and enhance the quality of customer interactions, Yes Bank is creating Centres of Excellence (CoE) for robotics and analytics. For the bank, software automation is an enabler of speed-to-market strategy and increased automation assists in enabling insightful and superior customer experience.
“Changing business models and increased need for digitisation, especially the need to explore various ways to improve process efficiencies, were the primary driving factors behind creation of a CoE for robotics and analytics. The initiative is eventually leading to cost reduction in customer acquisition and is creating an overall delightful experience for customers,” says Anup Purohit, Chief Information Officer, Yes Bank.
The RPA journey has been an integral part of technology transformation at Yes Bank, since the beginning. The aim was to widen the impact of automation in the bank, from basic cost reduction and improved delta process to reduced human errors and risk mitigation. This is significantly slashing the TAT and boosting the business processes. Whereas, the machine learning platform is enabling smart business operations.
Purohit initiated an enterprise-wide effort to drive RPA benefits. For augmenting the scope of RPA, an organisational shift is required in the design thinking process, alongwith a precise approach from introductory experimentation to overall transformation. Yes Bank’s RPA journey is not limited to a few businesses, but instead it started with an enterprise-wide approach, including support functions.
“Our need for RPA within a function is not just dictated to underline the business benefits and improve the customer experiences. Currently, under automation, we are running three programs – operations transformation, technology transformation, and information security transformation,” he further highlights.
Business pain-point
RPA is a key ingredient in carving out the futuristic digital bank, led by chatbots, personal bot assistants and AI driven predictive banking. Yes Bank’s RPA platform includes intelligent automation and cognitive capabilities, which is automating the end-to-end business processes, thus giving superior customer experience and risk mitigation.
Purohit continues to describe that, the bank is analysing and embracing the aids of RPA in payroll processing for their corporate clients to gain a competitive edge, speed, accuracy, and consistently utilising the emerging tool for improving performance.
The manual payroll process that involved data entry, checks and an overall labour intensive repeatable task, which was often subject to errors and took several days to process salaries. Through RPA, the payroll process at Yes Bank is now human assisted and has freed-up a significant part of the bank’s human resource from doing repetitive tasks. IT has reduced the turn-around-time from two to three days to almost instant for the corporate clients.
In its initial journey to digitalise businesses, the bank focused on its technology foundation – getting the basics right – defining the scope for RPA, hiring niche RPA experts and investing in an automation platform.
Creating the right balance of skillset
RPA is a strategic game-changer for Yes Bank and the bank is enabling its digital workforce by laying a solid foundation where the workforce can unlearn, get reskilled and adapt to the evolving banking needs. A right combination of Banking Business Analyst plays a vital role in the creation of AS/IS and TOBE process for automation.
“AI, ML, NLP intelligent engines will deliver targeted customer acquisition, real-time feedback, and personalised recommendations,” Purohit concludes.