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Yes Bank : "Changing The Rules Of The Game"

3725 words - 15 pages

Table of Contents3Not just another "ME TOO" 4History and evolution of banking reforms 6"Differentiating" is the name of the game 8Technology 8Human Capital - a strategic asset 10A Successful Market Entry 11Outlook 11Promotion 11Growth Story 13EXHIBITS 18References "YES BANK: Changing the rules of the game""One of the strengths and differentiating features of Yes Bank is its knowledge banking approach. Our approach is service oriented; we offer what is missing in the market place. We offer choice and convenience to customers."Rana Kapoor, Late founder, Yes Bank(Source: "Wireless Banking getting nod", www.Intel.com./casestudies/yes_bank.pdf)Not just another "ME TOO"It was December of 2006 when businessworld rated Yes Bank as the third largest bank in a survey that included both public and private sector banks. This was not the only award the bank got. It has received a number of accolades since its inception in 2004. Considering a late entry in a industry where all others have a prominent set up in the market and the skepticism it faced from the experts on the announcement of entering into this overcrowded market.The bank differentiated itself from what they called "knowledge banking approach " which has a huge emphasis on technology and human resource. The knowledge banking concept was the main differentiator and using this approach they were planning to give specialized services to sunshine industries via their domain experts. It had a unique strategy of outsourcing its technology (IT) to some proven players of the market and hence focuses on its competitive edge and core business of banking and gave superior services to the customers. Another area where they focused was that of Human Resources. They recognized that in such an industry they can differentiate themselves by adopting the best HR practices. Some brilliant initiatives of giving the employee the freedom of working in his/her in terest area and to encourage them to take initiatives went out to prove the major way in which they avoided themselves to become "just another bank".These innovative strategies led to the success story of Yes Bank and the commitment and effort of the bank to provide world class service combined with outstanding operational standards led to bank's phenomenal growth. What is most interesting about this growth is the timing of this success which came at a time when the industry was in a consolidation phase."Our mission is to build the finest quality brand in banking. We don't want to be a production factory. We want to be good distributors" - Rana Kapoor(Source: www.business-standard.com)The bank so far have been a success but various analysts feel that they still has a lot to prove. They have been able to succeed but it's the long term success which will take notice and led to a truly outstanding benchmark for the banking industry and with the opening up of the sector and more banks looking to make their entry in India in 2009, this could prove a bit difficult for...

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