Most financial institutions in India are now venturing towards becoming more data-centric to provide better quality service to their customers. YES Bank this week announced its intention of joining the path.
YES Bank, which recently concluded their datathon, which was reportedly India’s first bank-led datathon, now wants to better harness the power to data. Their datathon, which saw the participation of over 6,000 data scientists, engineers and developers, focussed on prototyping of artificial intelligence and machine learning-based products, optimise digital product suite and enhance product/service design and delivery.
Rajat Monga, Senior Group President, Financial Markets at YES Bank, said in a press statement, “YES Bank embarked on a data-centred business model as part of our TechTonic initiative and now has a full stack of technology and talent capability built up. In order to leapfrog on this data native transformation, YES Datathon provides us with an opportunity to engage with 6000+ data scientists. It has helped us identify newer use cases as well as statistical techniques and also incorporate cross-industry best practices.
The top 20 models identified by the bank at the datathon will be taken live within a month and the remaining will be moved to the bank’s product library to be iteratively developed and taken live within a period of three months. This will also be a first of its kind data product library which will be iteratively expanded to over 100 products within six months
Rajat Kanwar, the Business Analytics Head at YES Bank, told a leading daily that they are trying to focus on building their CASA (current account savings account).
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