YES Bank, I couldn’t have said no

Few hours back, I needed to make an urgent transaction. So, I left my base in search of the nearest ATM to fulfill this need. My first point of call was YES Bank ATM along the road. Something tripped me. Due to the nature of the transaction, I needed to repeat same procedure for about 5 times, exiting and starting afresh, back and forth. After my first two attempts, I noticed the machine asked “Do you wish to open a YES Bank savings account?” At first, I was like, NO.

After seeing the message the forth time, I decided to click YES, just out of curiosity to see where it leads. I was the promted to input my phone number. I punched in my ten digit number. Phiam! Say genius. What a brilliant cost-effective way to acquire customers.

The Why?

  • First, the customer makes the decision voluntarily, without the help of “hungry” sales men misleading the customer.
  • The cost of acquiring the customer is reduced (I think)
  • The bank instantly gets direct assess to the customer through the phone number, they can then pick it up from there
  • No need to haunt for customers (if it’s effective).
  • Customers hate to be sold to. YES bank is doing it in a brilliant way. So, I call this “selling to customers without actually selling to them“. You may need a marketing lesson to understand this :).

I’m patiently waiting for what happens next. Who will call me? When will I receive the call? …and what will I be told about opening my account. Let’s wait and see 🙂

Disclosure: While this may add to the brand reputation of YES Bank, I have not been paid either cash nor or in kindness to post this. As of today, I do not have any relationship with YES Bank. I have never banked with YES Bank, neither do I know anyone who has an account with them so, this is also not a testimony of YES bank’s services.

As an MBA student, and ultimately, a business person, I learn from EVERYTHING and this is just one. A marketing lesson, I’ll say.

Sidenote: I don’t like YES bank’s website. It looks horrible compared to other bank’s (the ones I love) website. It needs a complete face-lift.

I took a shot of the machine

 

Technopreneur. Chief Hustler at 1Plify. PhD scholar [Technology entrepreneurship]

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