Yes Bank has laid out a technology driven strategy to grow its retail and small-medium-enterprise lending business over the coming two years. The bank was traditionally a big corporate lender a few years ago, but things have changed over the last year after the Reserve Bank of India (RBI) appointed a new board and replaced the management of the bank. Yes Bank aims to grow its digital sourcing by 10% through payments platforms and partnerships with large aggregators, intermediaries and neo-banks, it said in its financial results. The bank posted a net loss of Rs 3,788 crore in Q4 FY21. "Our medium term objective is to have 60% retail and SME loan book and 40% corporate book. While corporate book has declined marginally, we are looking to grow it selectively," said Prashant Kumar, Managing Director and Chief Executive Officer, Yes Bank. "During the last 12 months the bank has strengthened its data and technology infrastructure. We have strengthened our data centre. We process over 1 million Unified Payments Interface (UPI) transactions every month, And now 80% of Current-Savings Accounts are opened digitally," he said during a media call on Friday. Tech strategy over next 12-24 months To increase its share in the retail and SME lending market, the bank said that it will: Expand partnerships and investments in fintech eco-system Leverage Artificial Intelligence and Machine Learning Create fully scalable digital infrastructure Leverage UPI base to acquire deposit customers and retail assets Set up digital lending platform to automate SME loan…
