YES Bank to save 30% on costs with tech outsourcing

BANGALORE: YES Bank, India's newest bank, has outsourced its entire technology requirements to Wipro Infotech, the leading IT services organization with presence in India, APAC and Middle East, in a “First of its Kind Deal” in the Indian banking and financial services industry.

YES BANK's entire technology requirements for its offices, branches across India and the data centre shall be undertaken by Wipro Infotech, on a unique build, own and operate basis. Leveraging on YES BANK's in-depth understanding of current and future banking requirements and Wipro's technical expertise, the two partners will also jointly work to capitalise on technological advances and maximise business opportunity in the global banking domain for mutual benefit. Wipro will also be the 'preferred partner' for servicing all future technology demands of YES BANK.

As per the first of the two agreements signed today, Wipro Infotech will deploy comprehensive technology solutions to meet YES BANK's business requirements, in line with its Technology Roadmap. This will include implementing core infrastructure and hardware, branch roll-outs, networking, managing the data center and back-up support for disaster recovery. To ensure consistent standards of superior service quality, the outsourcing arrangement is backed by stringent service level guarantees to ensure integrated 24X7 support for all IT systems and applications running at YES BANK.

This unique `pay-per-use' model facilitates substantial cost savings to the extent of 30% progressively over the next seven years for YES BANK. The initial technology investments of YES BANK are minimal, and the overall IT spends variable and predictable in line with its planned growth. YES BANK will outline its IT strategy and architecture and select technology in consultation with Wipro Infotech.

To meet the growing business requirements of YES BANK in a phased and sustained manner, Wipro Infotech will optimize its execution expertise in implementation, networking and deployment. This arrangement protects YES BANK against all obsolescence and redundancies in technology and insulates it from carrying forward any legacy systems.

The second agreement mandates close collaboration between YES BANK and Wipro to improve operational efficiencies in banking systems by introducing international best practices. These advances will initially be implemented in YES BANK and thereafter jointly offered in the international banking and financial services sector.

Speaking about this relationship, Rana Kapoor, MD and CEO, YES BANK said, “This outsourcing partnership will enable us to focus on our core business of banking and strategic imperatives, leaving all technology related aspects in the hands of `specialists'. This partnership allows us the convenience of `technology on tap' as Wipro will implement the best-of-breed technology to meet our expanding needs over the next seven years. In Wipro, we have the ideal partner with demonstrated expertise in providing specialized consulting, successfully managing mission critical applications and implementing global best practices.”

Azim Premji, Chairman, Wipro Limited, said, “We are very happy to be associated with YES BANK as their IT Outsourcing Partner. This outsourcing initiative by India's newest bank is an extremely positive step as it enables YES BANK to harness its intellectual capabilities to deliver world-class financial services to its customers. Our thrust in Banking and Financial services has been instrumental in us winning this project. This win is an endorsement of YES BANK's trust in our experience, quality processes and globally proven technology skills. Wipro has been at the forefront of technology and has been pioneering innovative services for customers in Indian and Global markets. We are confident that YES BANK will gain the best of technology, people and processes by partnering with us. “