Yes Bank just took its next step to revolutionize banking and lending services by collaborating with Salesforce. The partnership focuses on building a next-generation technology platform to power the retail lending business, in line with the lender’s strategy, which could further scale to help up the retail assets portfolio of Yes Bank.
From the outside, the prime focus of this collaboration is to create a unified experience for the customers that will drive aggressive retail-led growth for the bank. With this partnership, Yes Bank has marked its position to be among the first banks in India to move to Salesforce for Loan-Origination and Processing.
This new partnership will be empowering the internal and external ecosystem of the bank. The bank’s partners, associates, among others, can leverage the platform for accelerated fulfillment at the point of sale itself.
With Yes Bank- Salesforce collaboration, deployment of the Salesforce Loan Origination System for retail banking can enable YES Bank to provide personalized solutions and connected banking experiences for consumers across segments. The platform may also bolster the bank’s capacity to process higher volumes of loan applications through enhanced automation and progressive API integrations. This could ultimately reduce the turnaround time (TAT) for improved customer satisfaction.
Salesforce Loan Origination System is also expected to help in enhancing collaborative innovation within the Bank, providing all the employees, from relationship managers to loan disbursement officers and risk managers, getting a unified view of customer’s portfolio with added agility in customized digital solutions.
One possibility is that the connected banking system may allow Yes Bank to harness the latest innovations using the ‘API-first’ approach to add capabilities to existing systems.
This will also allow them to augment their CRM with a transformational layer to enable contextual and consistent personalized interactions with business operations with partners and vendors. A reconfiguration of existing systems could lay the groundwork for more comprehensive core upgrades.
Adopting Salesforce can also improve the data storage and management for lending agents compared to in-house systems. Integrating these systems with Salesforce would help in automatically capturing records of account holders on Salesforce, providing a single view of all their transactions. Such integrations with lending systems like Lendio are typically known to automate the process of storing lending records and save hours of busywork for lending agents spent manually recording information of each transaction. (Reach out at email@example.com for more information).
On Yes Bank- Salesforce collaboration, Arundhati Bhattacharya, CEO & Chairperson, Salesforce India said, “The new normal has reinforced the importance of the customer and businesses need to focus on long-term relationships ensuring customer wellness. From creating back-office efficiencies to powering personalized end-user experiences, we look forward to a fulfilling association with Yes Bank.” [source: Economic Times]
All in all, Yes Bank and Salesforce joining hands has brought their potential synergies together which would ultimately create new experiences for customers, employees, and partners.