Product details

Yes Bank, one of the new generation private sector banks, was set up in India after reforms were introduced in the banking sector in the 1990s. Yes Bank entered the market in late 2004 when the banking space in India was already overcrowded with a number of public sector banks, private sector banks, and co-operative banks. Foreign multinational banks, which were growth-constrained, were also waiting eagerly for the sector to open up further in 2009 to make a major foray into this emerging market. However, despite being a late entrant, Yes Bank drew the attention of its competitors and analysts by the speed at which it grew and by increasing its operations throughout the country. In December 2006 and March 2007, Yes Bank was ranked as the third best bank in India by Businessworld and second among new age private sector banks in the country by Financial Express. It also obtained the number one position for growth in both the surveys. The bank achieved these enviable rankings through its focus on providing world-class banking services to customers. Yes Bank differentiated itself from other players in the industry through its unique 'knowledge banking approach', emphasis on technology, and its human resources. The knowledge banking approach was its main point of differentiation and through it, the bank provided specialised services to various sunrise industries through domain experts. Yes Bank also used the latest technology available in the industry to provide highly innovative solutions to the industry. Its strategy of outsourcing information technology infrastructure to proven experts in the field not only helped it to provide superior service to its customers but also helped it to reduce costs and focus on its core business activities. Recognising that human resources (HR) were a source of sustainable competitive advantage, it strove to differentiate itself from its competitors by adopting some winning HR practices. The future held tremendous challenges for the bank with the economy being opened up further to foreign multinational banks by 2009. The more established public and private sector banks were also expected to give it a run for its money. Yes Bank planned to grow into one of the leading banks in the country with a presence all over India. It sought to grow and make its fundamentals very strong while ensuring that it did not lose its competitive advantage of providing niche services to its customers.