Private lender Yes Bank is planning to use data analytics to develop models that will help them in understanding behaviour of the customers.
“The bank has already diversified into retail segment and now harnessing data analytics to come up with models that help understand customer behaviour,” said Rajat Kanwar Gupta, Yes Bank, Business Analytics Head, said.
Yes Bank had launched a programme in September this year and as a part of this initiative the bank reached out to several coder, global developer and data science community to level-up its data stacks through curated, tokenised and anonymised data.
“Yes bank started-off largely as a corporate-driven bank but with the version 2.0 coming in, we are very retail-centric. Right now our rank one objective, historically and continues to be, to always have sustainable liability generation. We are trying to focus upon building our CASA (current account savings account),” said Gupta.
With its current focus on retail banking, the bank is also keeping its corporate character intact. Gupta said that data plays a vital part for a lender to remain in the competitive market.
“We want to compete with other banks or even with fintechs. It is actually going to be very disruptive. So, we have to think like that, we have to think that what our customers would want from us,” he said.
The lender has invested around Rs 120-150 crore for perking up its data strategy till 2022-23. It also plans to recruit experts and data scientists who will be part of its TechTONic group.