Yes Bank, an Indian private sector bank, today announced it has entered into a strategic partnership with Cordys, a leading supplier of software for business process innovation to automate, manage and improve key business processes.
Rana Kapoor, YES BANK Founder, Managing Director and CEO, commented: "We are pleased to announce our association with Cordys, which will enable us to execute a concerted strategy by implementing innovative and secure banking solutions. We are determined to achieve the highest standards of service quality and operational excellence."
"The partnership with Cordys will enable YES BANK to provide a robust platform to achieve continuous process improvements by building solutions that embed business rules, promote visualization of processes and leverage real-time technologies. This will further enhance flexibility, agility and inter-operability of the Bank's current application systems," continued Kapoor.
The Cordys Business Operations Platform - with its Business Process Management Suite (BPMS) functionality - will provide several key features to YES BANK including:
* Business focused BPMS for process automation leading to greater visibility and control to make real time decisions. This will result in significant customer service improvements and better exception management
* Process-driven and SOA-based integration of multiple systems and people across the value chain, supporting any type of workflow; e.g., enabling faster payments processing with minimum or no manual intervention
* Continuous process improvement with Business Activity Monitoring - leading to better operational responsiveness
* Faster innovation with Composite Application Framework; building new applications or enhancing existing applications in a quick, efficient and cost-effective way - solutions that enhance business-IT alignment
Jan Baan, Cordys Founder, Chairman and CEO, stated: "I am impressed by the commitment of YES BANK to offer the highest levels of service to its customers. In today's economy, business processes extend beyond departments and companies. Collaboration in the value chain requires a BPM approach which provides flexibility, security and the possibility to adopt the online channel for greater speed of change and a superior product offering."
Umesh Jain, YES BANK President and Chief Information Officer, commented: "Our knowledge driven philosophy goes beyond the traditional realm of banking, and helps adoption of a 'Money Doctor' approach of diagnostic and prescriptive product structuring. The Cordys platform will enable us to achieve enhanced customer service through a significant reduction in turn-around-times. The SOA-based integration with other systems and process-driven improvement of our business operations across the entire value chain provided by Cordys will result in enhanced collaboration between teams and better productivity."
"The Cordys platform reduces cost and complexity, and allows faster and easier development, making our IT department a reliable partner for the business," added Jain.
"After tasting success at some of India's largest conglomerates, Cordys is now growing market share in the Indian Banking and Financial Services Industry. This partnership sets a paradigm for the adoption of process-based innovation using Cordys technology," said Narendra Shukla, Cordys Asia Vice President.