How Yes Bank is using Cloud Computing?

Introduction

 

The Gartner 2021 report reveals some astonishing statistics especially in the cloud computing realm, according to it the Cloud Computing market is expected to hit $480 billion by 2022. 

 

In the epoch of technology the cloud computing market is setting new standards everyday. Cloud Computing can be defined as a technology that provides users with shared computing resources on demand. It has paved the way for Digital Transformation.

 

In simple words cloud computing enables a user to leverage the best of technology with pay-as-you-go models. Big Tech and Non-Tech companies like Netflix, EBay, Pinterest, Apple, Instagram and Twitter have already migrated to cloud computing. 

 

The Financial Industry is also embracing the Industrial Revolution 4.0, many banks have migrated their infrastructure to the cloud. Yes Bank is using cloud computing technology to stay ahead in the competitive era. 

 

Let’s understand 4 ways in which Yes Bank is using Cloud Technologies. But first let’s take a look at the Yes Bank's infrastructure. 

 

 

Digital Infrastructure of Yes Bank

 

Yes Bank was established in 2004 by Rana Kapoor and Ashok Kapur. The long history of the bank can be traced from the year 1999 when three partners named Rana Kapoor, Ashok Kapur and Harkirat Singh came together with a fresh layout of a non- banking financial institution. 

 

Later Harkirat Singh backed off from the venture and the “non-banking financial institution” got its name as the “Yes Bank”. 

 

Yes Bank’s Initial Public Offering on 15 June 2005, opened new avenues to its long journey in the world of banking. Yes Bank’s initial share price was Rs.10 (in June 2005). 

 

Presently Yes Bank offers a wide range of services ranging from corporate banking, personal banking, digital banking, and  business banking. It also provides investment banking solutions, corporate credit cards, and personal loans. 

 

Now let’s take a look at Yes Bank’s Cloud Computing Strategy:- 

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4 ways in which Yes Bank is using cloud computing 

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4 Ways in which Yes Bank is using Cloud Computing

 

1. Management of HR Portals:- 

 

Human Resource Department is one of the most valuable assets of a company. The data derived from the HR Department is further used to analyze a variety of factors like employee satisfaction, appraisals, new recruitments and employee retention rate. 

 

The data derived from various sources like employee surveys is thus crucial for the successful working of an organization. Yes Bank is using cloud computing to manage the HR portals and to store all the relevant employee data. 

 

Yes Bank’s HRIT system is a unique initiative focused on Yes Bank’s vision of “providing best in class technology” for a better tomorrow. The system provides a Human Capital Management forum that works as a solitary window for day to day transactions. 

 

To maintain the data of a workforce over 20,000 Yes Bank has created its virtual “HCM team”. The HCM stores all the important employee data like leave and attendance, payslip, tax forecast, career progression, new onboarding and exits. 

 

The HRIT system keeps a tab on all the important data analytics and is further assessed by Yes Bank to understand the employee sentiment.

 

(Related Reading:- Role of AI in Human Resource Management)

 

 

2. Maintaining Learning Management Systems:- 

 

An employee’s growth in their professional domain is directly linked to their learning and development. Many modern day organizations lay a great emphasis on employee training through professional courses.

As e- learning has taken over the routine learning practices, companies are using Learning Management Systems (LMS) to impart professional training to students. Learning management is a one stop solution for professional training.

 

LMS can be used to keep a tab on professional courses in progress, and to measure an employee’s learning progress.It also delivers course materials, e-learning modules and automatically updates the employee’s progress details. 

 

Yes Bank also lays great emphasis on employee training and development and it use its cloud based LMS software for employee training. Its specifically curated courses are leveraged as a means to professional development.

 

Cloud based LMS software allows employees working in different cities to study from their home and to learn things at their own pace. 

 

MyLearning@Yes is Yes Bank’s initiative focused on employee’s professional development and it is powered by cloud computing. In the journey of employee growth at Yes Bank cloud computing has a major role to play.  

 

 

3. Maintaining Loan Management and ERP Systems:- 

 

Calculating the eligibility for obtaining a personal loan is no easy task, even after multiple background checks, and per month interest calculations most times the loan officer gets stuck at keeping a track of employee databases. 

 

In the era of digital banking many organizations are using loan management systems to improve the lending experience. Loan Management Software can automatically calculate the per month interest rates, and eligibility conditions for lending. 

 

Yes Bank is also using Salesforce’s software to manage its retail lending business. Salesforce is a lending product suite for loan origination, loan management and loan collection.

 

This application provides hassle free lending and will further help Yes Bank’s sales team to quickly shortlist the loan defaulters. It is using Salesforce Loan Management software for providing auto loans, housing loans, loans against property and business loans. 

 

The cloud computing technology of Salesforce further enables Yes Bank to offer a variety of tailored loans based on the previous consumer data. It also helps it to make better credit decisions and further helps in reducing the risk of non- performing loans. 

 

Enterprise Resource Planning (ERP) in simple words refers to a business software that organizations use to keep a track of their daily operations like process management, accounting and bookkeeping. 

 

Yes Bank is using the ERP system that is integrated with SAP and ORACLE. The integrated ERP systems provide better customer interaction. The integrated customer ERP enables a customer to pay simply via their Yes Bank’s digital wallet. 

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Yes Bank provides digital banking services

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4. Customer Relationship Management:-

 

 “Customer contentment is directly proportional to business success.” Maintaining a healthy relationship with customers plays a pivotal role in the long run. 

 

Many new age companies are using CRM tools like Jira, Salesforce and Zoho to maintain customer data. Software tools provide companies an edge to stay ahead in the competitive landscape. 

 

Yes Bank is using the Salesforce platform to improve its relationship with existing customers. The Salesforce CRM platform enables different teams to work together and it further helps bank to provide quick services to the general public. 

 

Post integration of Salesforce CRM software Yes Bank saw exponential growth. The work from anywhere model powered by cloud computing helps Yes Bank to simplify its operations even in the remote working environment. 

 

Cloud Computing is shaping Yes Bank’s customer interaction process, whether simplifying the lending process or providing retail banking services to customers this technology has the power to create a huge impact in the financial industry. 

 

(Related Blog:- Cloud Computing in Customer Experience)

 

 

Conclusion

 

“From a domain point of view, cloud is an excellent platform. The capital expenditure is not much, and you can go live and start working on the technologies you need at the click of a button. Having said that, I think it is natural for legacy sector players like banks to take time to assimilate security-related details and then make a gradual move to the cloud.” Anup Porohit - Chief Information Officer Yes Bank 
 

 

The cloud adoption has led to an improvement in Yes Bank’s product and service infrastructure. Its Quarter 2 Profit for September 2021 rose to 226 crores. The combined use of technologies like AI algorithms, machine learning and cloud computing have played a significant role in this growth. 

 

The future of financial services will be powered by cloud computing. FinTech is adopting cloud computing and machine learning to improve its relationship with customers, to simplify the lending and borrowing system and to keep a tab on loan defaulters. The Future of FinTech will be sculpted by cloud computing.