To offer the right products the Yes Bank is now churning the data to figure customer behaviour. Also, on the basis of predictability model to offer the right products.
The Yes Bank has branched out the retail segment and now it is trying to utilize data analytics to obtain models which will help understand behaviour of their customers.
With coming version the bank is more retail centric. The bank started with an objective stressed on corporates.
Right now, the primal objective is to upheld the liability generation. The bank is experimenting their CASA.
In September, the bank interacted with global coders, data scientists and developers to work on its stacks using anonymised, curated and tokenized data.
The financial technology players are also grabbing big shares in financial service space. Which is why the bank decided to remain competitive is such environment and data plays a big role in this. They are keeping the corporate objectives intact and focusing on retail sector more.
The bank is looking forward to compete with Financial Techs (Fintechs) This would be troublesome. So, they are going to stress on what their customers need and want the bank.
The YES BANK has funds about Rs 150 crores to run campaigns and business for data strategy till 2023.
The bank is planning to on board experts and data scientists who can become part of Techtonic group of the bank. This group would be having over 100 experts (in-house).
Yes bank is planning to hire part time experts for their data strategy.
All this data science model will help them understand how cyber security threats can be eliminated and reduced.
There is a snowball effect in consuming and generating a big amount of data that we have been doing as consumers.
The major reason choosing data analytics is to focus on security and fraud detection and threat prediction as well. There is a lot of thinking and thought going behind this whole idea of choosing data science. It is a big area for bank itself to figure out.
YES Bank had organized DATATHON for engineers, developers and data scientists across the globe. In this event, people were asked to join for quest of develop and data driven models for appropriate data usage and sourcing across businesses.
Around 6,000 people participated in the quest.
The models were to help the bank fraud detection, models for sales recommendation, relation graph between customer and transaction and card customer analytics.
The bank will take a few models live within one month and rest will be moved to the library of YES Bank to be implemented in coming months.