'Today, we’re among top 6 private banks in India; we will continue to soar’

At the e4m Mobile Marketing Conference 2024, Nipun Kaushal, Chief Marketing Officer, YES Bank, engaged in a compelling fireside chat with Neeta Nair, Editor, Impact Magazine. The discussion delved into the bank's recent brand refresh and the innovative marketing strategies they are implementing. They also reflected on YES Bank's remarkable comeback following its challenges in 2020 and explored how the bank's approach has evolved since then.

YES Bank has been one of the biggest names in the private banking sector, but things went sour for them in 2020. This crisis stemmed from rising bad loans, governance issues, and an inability to raise capital. Following this, the RBI imposed a moratorium, capped withdrawals, and led a bailout led by the State Bank of India. But in a matter of four years, the bank has managed to bounce back.

Neeta Nair compared the bank with a figurative phoenix. She said, “Four years ago, when the RBI clamped down on Yes Bank, no one expected it to spring back, and that too at this scale. The price of the bank’s shares also plummeted by some 94 percent during this phase. But just like a phoenix, it has managed to rise from the ashes.”

Well, it is no less than a wonder that YES Bank managed to bounce back from that. Even Nipun Kaushal recalled with amazement how they did the impossible. “If you look globally, whenever a financial institution of this scale has gone into trouble, it either gets merged or sold. We were able to achieve the unachievable primarily because of the love our customers possess for us,” he shared.

Keeping the focus on customers and the brand’s stakeholders, the brand has since taken multiple initiatives to win back their trust and rebuild again. Kaushal remembered that two years ago, when he was joining the firm, he was greeted by questions and amazement thrown by his peers. “But after meeting the senior leadership, I was taken aback by the clarity they had and their resilience,” he stated.

Kaushal said that before the troubles began for them, they held around 35 percent market share of UPI and were the leaders in the space. And today, the number has risen to around 45 percent. Throwing light on their other highs, the marketer pointed out that when the government launched CBDC and ONDC, Yes Bank was the first to implement it; they are even designated as a critical digital resource by the government. Continuing the growth, Kaushal revealed that YES Bank is now among the top 6 private banks in the country, and they will continue to soar.

To strengthen this rebuilding process, the brand also did a brand refresh last year. Commenting on the process, Kaushal noted, “We retained the name Yes Bank for its positive identity and shifted from affluent to "mass affluent" banking, staying within profile banking. Wanting our design language to be reflective of our vision, we refreshed a logo to make it younger, more digital, and aspirational.”

In today’s time, banks have become more creative. Nair reckoned that in addition to using sporting properties, banks are also doing tie-ups with travel brands and quick-commerce players. Sharing his brand’s marketing strategy, Kaushal shared that they are major players in fintech, having tied up with names like Paisabazaar and Zaggle. The marketer also highlighted that they do tie-ups and launch co-branded cards as per the customer segment.