Money & Banking

YES Bank to wow app customers with location-based offers

NS Vageesh Mumbai | Updated on January 16, 2018

Ritesh Pai, Head of Digital Banking, YES Bank

‘Mobile’ customers will receive alerts on discount offers around the vicinity they are in

About two lakh customers of YES Bank who have downloaded the bank’s mobile application may be in for a surprise soon.

In a bid to create a ‘wow’ factor for customers, the bank proposes to shortly unveil ‘location-based’ offers. This will be done for select customers.

So, for example, if you are in the vicinity of a top restaurant, a sudden offer of a handsome discount may pop up on your mobile screen. Or it may be a reduced rate at your favourite movie theatre. Or if you are at a mall, you may suddenly get an offer of a hefty discount on purchase of garments or books and related material from the book-store there. While discounts and offers through partnerships are already a common feature offered by banks to all customers, this service aims at providing them on a selective basis and as a ‘surprise’ — to trigger impulse purchases.

The bank is able to make this offer based on the customer location which is provided by the signals from the bank’s mobile app that has been downloaded earlier.

Using analytics, the bank has also built a platform that can map the places you visit frequently and help make appropriate offers.

The roll-out of this new service is expected to be done by Diwali, a fortnight from now, Ritesh Pai, Head of Digital Banking, YES Bank, said. What is in it for the bank? Ritesh explains that the strategy behind this offering is to enhance engagement with the customer and improve his/her ‘stickiness’ with the bank. With many young customers operating two or three bank accounts, there is a fight for a bigger share of their wallets among these banks.

Ritesh says that the objective is to make YES Bank their ‘primary’ bank and also to activate dormant customers. As customers begin using the bank’s wallet, card or other instruments, the level of engagement increases. It is likely that they will start maintaining a higher balance in their YES Bank savings accounts, says Ritesh.

Published on October 14, 2016

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