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Banking on Change

June 19, 2023

Banking on Change
Trust in the sector isn’t exactly buoyant; a co-founder is behind bars over accusations of fraud; plus there is growing FOMO in the category with brands and influencers accosting the guy on the street with quick tips, hacks, and conflicting advice on how to save and invest. It is against this backdrop that YES Bank has started the process of a brand refresh, with a new logo and campaign tagline ‘Life ko banao rich. The idea’, to showcase itself as a new-age bank that is customer-focused.

Prashant Kumar, MD & CEO of YES Bank, states that the legacy issues plaguing the brand since 2020 have been addressed and that the new communication is the organization’s way of pledging greater transparency, responsiveness, and agility to its customers. “We want to make sure we are not taking any risky calls. With the entire banking system becoming increasingly digital, the refresh is our way of ensuring the bank’s identity is in sync with today’s times,” says Kumar.
 
As per Care Edge, HDFC Bank with a total income of 1.92 trillion in FY23 is the clear leader among Indian private banks, followed by ICICI, Axis, IndusInd, and Kotak Mahindra respectively. The 19-year-old YES Bank, with a total income of ₹26,624 crore is at number seven, right behind IDFC. Kumar believes the only way for YES Bank to gain an edge in this sector is by elevating its service quality and product offerings, which the brand is working towards.
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