YES Bank Partners IBM, SAP For Digital Transformation
Yes Bank, India’s fourth largest private sector Bank hosted an exclusive Digital Roundtable today, in collaboration with Innovation partners, SAP and IBM, as part of its continued focus on developing the digital banking ecosystem in India through collaborations and joint initiatives. Through this collaboration, the bank envisages making a significant impact in digitizing the financial supply chain of its clients.
Yes Bank has been playing the role of a ‘Digital Evangelist’ using technology and innovation to offer a superior banking experience to its customers. In continuation of this philosophy, the bank is creating revolutionary industry solutions towards digitally transforming clients through co-creation using design thinking.
Through this roundtable, Yes Bank engaged with key finance and business leaders on digitizing the financial supply chain, presenting how API Banking can create a unique value proposition for customers, mitigate risks, enhance business productivity and help businesses garner more from their own IT/ERP infrastructure. Yes Bank is the first bank in India to digitize the B2B supply chain with the launch of API banking services.
The discussions with the CIOs and CFOs along with Corporates at the roundtable helped the bank in identifyingpain-points and gaps from the participants in financial supply chain. Yes Bank in collaboration with Fintech startups will now come up with innovative, customized solutions through the bank’s Fintech Accelerator program (Yes FINTECH) to address these gaps. As part of YES FINTECH, the bank has partnered with some of the best Fintech firms to deliver unique, innovative banking and financial solutions to customers. Currently Yes Bank has over 100 such partners. The bank is looking at organizing such roundtables in key regions across the country.
Commenting on the collaboration, Rana Kapoor, Managing Director and CEO, Yes Bank, said, ”Through this Design thinking workshop, YES BANK with SAP and IBM is assisting our Corporate clientele to digitally transform and leverage the power of Banking from their IT and ERP systems. YES BANK has also been actively collaborating with Fintech startups through our A.R.T. (Alliances, Relationships and Technology) model, which we will leverage to provide innovative and customized solutions to Corporates. We realize that in today’s rapidly evolving digital landscape, it is critical for Corporates to use Banking and Technology as strategic enablers by transforming the financial supply chain of their businesses.”
‘Today’s API-powered digital ecosystem presents an unparalleled opportunity for banks to co-create innovative solutions and new business models along with their ecosystem partners. IBM is excited to collaborate with YES BANK, powering the underlying technology that facilitates the delivery of an agile, secure and best-in-class open banking API infrastructure,” said Karan Bajwa, Managing Director, IBM India.
The sectors in focus were Automobiles & Auto Ancillaries, Manufacturing, Financial Services, FMCG & Retail Services, Healthcare & Education, Hospitality, Media & Entertainment, Pharmaceuticals & Chemicals, Power, Infra & Logistics, Technology & ITeS and Travel & Tourism.
Since inception, Yes Bank has been focusing on digitization and is investing significantly on new-age mediums and digital technologies to achieve a heightened customer engagement and experience through the ART approach to Digital Banking - Alliances, Relationships and Technologies. The ART approach allows Yes Bank to offer Banking as a platform and Banking as a Solution, thereby not only serving retail customers but also allowing Corporates and Startups to use the Bank’s expertise to create differentiated path-breaking solutions.
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