Of late, there is an exponential increase in bank fraud cases in India. Gearing up to face challenges including tackling the frauds, emerging technology and the importance of digital banking has promoted many a bankers to pull up their socks and regain confidence amongst their patrons. As part of this initiative, the private banking major, Yes Bank is training and re-skilling its employees and subsequently commenced programs for students making them future ready for the changing landscape of banking, says a moneycontrol report.
As part of its endeavor to pursue the futuristic path of safety and growth, the mid-sized private lender is investing in upgrading skills of its employees across the bank in the fields of operations, risk management and marketing, noted the report.
Deodatta Kurane, Group President, Human capital management at Yes Bank said, “They should know what the current technology, which were exotic and esoteric, these are now the norm in any bank. Hence, our employees also need to know the latest trends and pick the real picture of the real picture. They have to have more than a passing acquaintance of the subject. We are investing resources in up-skilling our own employees across the bank – be it. We have forged alliance with Coursera and also have in-house programs. As on December-end, Yes Bank’s total number of employees is pegged at 19,276."
Yes Bank is engaged in an annual Rs.200, 000 scholarship program offering mentorship to thirty young management and engineering students from 22 national institutes, noted the report. The program envisages students to work on projects undertaken by the bank to get firsthand experience of the latest digital and technology of Yes Bank. As per the report, the Yes Future Ready Scholarship Program received in excess of 3,000 applications in 2018, of which 1,000 were shortlisted who underwent a psychometric test further filtering 75 students for the interviews, from which 30 were selected for the program, concurred the report.
Besides the Rs 200,000 cash prize, the scholarship entails access to some of the contemporary programmes on the online education portal ‘Coursera’, which will be sponsored by Yes Bank (up to Rs 4,000 per month) depending on the students’ interests, the report pointed out.
Ipsita Satpathy, a physicist doing her post-graduation from Indian Institute of Management (IIM) Ahmedabad, and one of the scholars selected for the programme told Money Control, “This is more than the theoretical experience that we get and gives us an understanding on how the landscape of banking and finance is changing. Some of us do not have a prior exposure with banks but there is a paradigm shift in the role. Furthermore, technologies like Blockchain, Artificial Intelligence (AI) and Robot-Advisory services in the finance space.”
Another scholar Pranav Kolachana, a chemical engineer now studying at IIM Calcutta, said, “This programme allows us to engage and interact with the senior management of the bank, which would not happen in my summer internships or at other work experiences at this age. And obviously the monetary aspect also helps.”
According to Kurane, by giving this as an incentive, the bank is getting the scholars to up-skill them to the most relevant technology. “We have taken 120 students so far (including 2018) in four batches and nine have joined the bank. This year we plan to get them to work on live projects that the bank is doing on digital banking or in the payments space. Further, they will also get mentorship by professionals from senior management of Yes Bank, which is being done for the past three years.”
He said Yes Bank’s senior management also considers the interests of the students and gets them engaged beyond the summer training for almost a year till their placements go on. “We guide them on their career choices,” Kurane said.
Post mentorship next year the students also get to sit for pre-placement interviews with Yes Bank. The students are invited from five engineering and 17 management institutes including IIMs, IITs, FMS-Delhi, XLRI and Symbiosis.
The new incumbents at the bank are not exactly at the execution front-level space; nevertheless, they are trained to get into leadership and managerial levels. Therefore, it is pertinent to have a grasp of the upcoming technologies, especially now in the Blockchain and AI space, Kurane added.