Yes Bank to invest in private cloud, mobility and social media

Umesh Jain, president and CIO, Yes Bank shares that his company’s top three technology initiatives will include―private cloud, M-Wallet, and social media―as part of its IT priorities in 2011.

In 2011, Yes Bank's IT priorities will include focus on social media will cover every aspect of banking including marketing, sales, customer engagement, etc.

The bank intends to move all its applications to private cloud by the end of 2011. As part of its IT priorities, another project for 2011 is virtual desktop interface (VDI) wherein Jain's team is evaluating various brand offerings currently.

Yes Bank launched M-Wallet (mobile wallet) facility in Chandigarh and Pune this year. It will introduce it in other cities in 2011 as part of its IT priorities. The bank will also facilitate the use of mobile platform to help achieve a greater level of financial inclusion in India.

Jain informs that while budgets for running the bank will be reduced in 2011, a greater focus will be laid on growing and transforming business. The bank has cut its maintenance budgets by 20%.

Watch this interview by Principal Correspondent Anuradha Ramamirtham to know more on Yes Bank’s IT priorities for 2011.

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