Banks in a bid to better a customer’s experience introduced cashback offers on several debit cards. YES BANK too didn’t lag behind in introducing it. But the bank wanted to go beyond the regular offers. It wanted to eliminate the unpleasant experience of being bombarded with irrelevant offers for its customers. Personalized offers strike a better chord with customers. YES BANK then embarked on an analytics journey to nail this down.
The company’s senior president and CIO Anup Purohit then decided to introduce a first-in-the-industry initiative capable of giving cashback offers on best brands in the online and offline space. “When customers shop with their YES BANK debit card, they avail up to 25 percent cash back with the help of analytics-based offer recommendations and real-time analytical tracking of transactions and communication to customers about the cashback eligibility via SMS and push notification,” says Purohit.
Taking the project ahead, Purohit also made sure that the credit of the cashback to YES BANK Savings Account and YES PAY Wallet is also completely automated right from tracking to settlement.
The bank’s fully automated program offers a hassle-free experience with offers being personalized to their unique needs, where no coupon codes or merchant integrations needed. “The customers need to just transact on the designated merchants, invoking a completely automated process right from tracking transactions to the settlement of cashback. The program has an extremely generic design capable of extending to multiple transaction modes including debit and credit cards, wallet, virtual cards, net banking,” adds Purohit.
The benefits of the platform are not only for the customers to derive. YES BANK too profited from it. “It is cost-effective for YES BANK with probable income opportunities and association with the best brands across categories in the retail Industry. Also, the bank is alleviated of any tight integrations with the merchants and even reconciliations/negotiations since the sourcing of offers are handled by the aggregator,” says Purohit.
In addition, the project supports Government of India’s drive to move India towards a ‘less-cash’ economy by encouraging cashless spending he adds.
