Enter Your Details to Register

Please enter your official e-mail ID. Kindly do not use a personal ID like GMail, Yahoo etc.,
Please do not enter +91 or 0.
Image CAPTCHA
Enter the characters (without spaces) shown in the image.

Enter Your Log-in Details

Close

YES Bank’s CRM Platform Improves Customer Service by 60 percent

A case study on Collaboration in Retail
Suvanjay Kumar Sharma
Suvanjay Kumar Sharma

VP (corporate strategy) & chief enterprise architect, YES Bank

Executive summary

It is a time when the phrase 'customer is king' holds more water than ever before, especially for the banking sector. YES bank was no exception. It managed cutomer relation via Excel sheets, which lacked interactive features and wasn't the smartest way to run the bank's sales force. Yes Bank Collaborative CRM (YCCRM) changed all that with banking heavily on employee collaboration.

Reader ROI

  • The advantages of a collaborative CRM
  • Why a home-brewed CRM can still have benefits

Keeping their existing customers intact and adding to that customer base is an imperative for banks. The definition of customer relations is broadening. When every new piece of customer data can reveal a new facet of a customer, information becomes a business opportunity. The more data, the merrier everyone is.

Case Study Highlights

  • YES Bank was established in 2004 with financial support from Rabobank Netherlands.
  • There is servicing of 10 lakh leads and around 5 lakh service requests per year.
  • Customer service has improved by 60 percent and turnaround time for its processes by almost 70 percent

YES Bank was no exception. It managed customer relations via Excel sheets, something that the bank was beginning to regret. The problem was that it was a one-way information sharing system that restricted data flow from the customer to the company. "We had instances when we lost sales leads, or multi-interfaces to the same lead and re-assignment of leads. We just couldn't track older leads because there were multiple registrations and entry for tracking them," says a branch manager of YES Bank who prefers not to be named. Having a customer relationship management (CRM) solution was the need of the hour.

"While conceptualizing the CRM, I was not looking at a mature and stable CRM package because our retail business model itself was demand-based and hence very fluid. We wanted to start with a small framework-based model which changes with our business needs," says Suvanjay Kumar Sharma, VP (corporate strategy) & chief enterprise architect, YES Bank. "We wanted a flexible solution that would change in accordance to the dynamics of our business. What we wanted was a scalable CRM that could grow as we grew and not just any CRM solution," says Sharma. And from those priorities was born the concept of the Yes Bank Collaborative CRM (YCCRM). The system has two logical separation models: a pre-acquisition and a post-acquisition service cycle for customers," explains Sharma. It took six to eight months to develop and implement the solution in the first branch.

The customer information captured in the YCCRM is mapped to blog-like entries made by employees. These entries include ideas, suggestions, and perceptions of the sales representatives. The sales and product teams can then analyze this information and figure out related business opportunities. Such information can also be leveraged to customize existing products or conceive new products altogether.

Earlier, with Excel sheets, sales staff culled out details of customers by tabs in the form (name, company, account number, etcetera). But with YCCRM, they were provided with a template where they can fill details (other than the standard keywords) noted during their interaction with the customers. This meant they could personalize their dashboards. With the new CRM, sales reps can now upload or download scribbled information from their phones to the main CRM system.

The implementation of a key tool like CRM has already started reflecting positively. There has been a drastic improvement in customer acquisition after sales leads were passed on via discussion boards. "There is servicing of 10 lakh leads and around 5 lakh service requests per year. Customer service has improved by 60 percent and turnaround time for its processes by almost 70 percent," says Sharma. It has helped us understand our customers better and analyze the resolution time for each query or complain and then improve internal process accordingly. It also added lots of intangible business benefits and helped retain customers better," says Sharma. The cross-selling of products has substantially surged after the implementation. The collaborative CRM has given a new window of social valuebased relationship which is key for future cross-selling.

 

Mallik Sundaram
Mallik Sundaram

Mitra Biotech

Mitra Biotech Prescribes the Perfect Cancer Drug Using Data Analytics

A technology platform that  uses data analytics allows Mitra Biotech to find the most effective cancer drug for specific patients in seven days—exponentially faster than traditional methods.

Technology:
Predictive Analytics
Industry:
Pharma & Healthcare
Amitabh Misra
Amitabh Misra

Snapdeal

Snapdeal Revamps its Database to Augment Speed and Scalability

As Snapdeal’s business grew 200 times, it needed its IT systems to scale and support its rapid growth. How its CIO made that happen.

Technology:
Database
Industry:
Retail
Virender Pal
Virender Pal

SpiceJet

How SpiceJet's CIO Found an Innovative Way to Lower Staff Costs

The intriguing story of how SpiceJet’s CIO found an ingenious way to save costs by limiting IT support staff—from what could have been 300—to 30.

Technology:
Infrastructure
Industry:
Logistics & Trasportation

close