AI powered bots expected to reach about 0.25 million customers by this fiscal; Envisage loan application to disbursement in less than 30 minutes from 7-10 days over the next 6 month; Create Conditional offering for 3rd party data by using YES BANK’s Analytics Engine; Digitization of the retail loan value chain will improve process automation and bring down cost
YES BANK, India’s fourth largest private sector Bank is betting on AI powered BOTS, Technology to usher ‘Digital Transformation of Retail loans’. YES BANK, through these transformative digitization initiatives, is ensuring seamless integration of digital utilities with core retail loan processing systems, thereby enabling a digitized workflow for Retail Assets product offerings and eliminating paperwork.
Availing a loan traditionally entails an elaborate process, right from a loan applicant filling in an application form, undergoing credit bureau and other checks to getting the loan disbursed. The entire process from application to disbursement of a loan can take around 7-10 days. However, with the launch of these digital initiatives, the Bank aims to complete the entire process in less than 30 minutes over the next six months.
Digitization for 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 unique proposition of this offering is the quick and efficient way the chatbot responds to a customer’s query with real time lead assignment on core internal systems within YES BANK.
- This enables a YES BANK representative to connect with a prospective customer within the shortest possible turnaround time.
- YES BANK is the only bank to offer virtual demos of cars through a chatbot and expects to service a million customers through this BOT in this fiscal.
Robust Digitized Back-end Platform
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.
Enhanced Sales Productivity through Digitization
YES BANK will use an industry first Sales Productivity Tool offering completely digitalized field visit reports with Geo-tagging. 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.
Commenting on the initiatives, Pralay Mondal, Senior Group President – Retail and Business Banking, YES BANK, said, “These digital interventions are key milestones in transforming YES BANK into a truly digital bank. In a world where physical and virtual environments are rapidly converging, we constantly strive to make processes simpler for all our customers and digitizing our Retail loans is a definitive step in that direction. By digitally transforming internal processes and by placing the customer’s ease and convenience at the center of all our endeavors, we at YES BANK are poised to rapidly progress from being just a ‘Service Provider’ to becoming a ‘Relationship Partner’.”