Blue Ocean Strategy - Retail Bank

Blue Ocean scheme: Blue Ocean Strategy is not about out-performing the competition in the existing pains, entirely to create new market space or a blue ocean, thereby making the competition irrelevant. In the identification we will try to analyze the success of Yes Bank by the framework of Blue Ocean Strategy 1. treasure Innovation: Value innovation is the simultaneous pursuit of differentiation and low cost. Yes Bank, which started in 2004 without any institutional, has a formidable task to succeed in environment that was led by established affirm. Yes Bank took the industry by surprise when it allowed customers to withdraw money from other banks atmospheric state with no surcharge even before the policy came in. As the bank grew it outsourced the ATM installation and running to NCR moving from opinionated cost to variable cost. It also outsourced its entire technology to Wipro frankincense freeing it from capital expenditure. By Outsourcing the technology it bought the cost kill and created a differentiation in how infrastructure is managed by banks. 2. Tipping elevation Leadership: To change the mass it focuses on transforming the extremes: the people, acts, and activities that exercise a disproportionate influence on performance. Yes Bank has grown with entrepreneurial mindset supported by the top leadership.

At the approach employees are encouraged to come up with new nous for everyday problems and new business. The YPEP program focuses on identifying the top endowment that help the firm to come with new possibilities. The Bank has roast team which act as mentor to all the employees at the firm. Bank has used Knowledge banking route which focuses on hiring domain experts rather than traditional bankers thus helping build weapons-grade customer relationship 3. Non-customers: Yes bank targeted customers who were not traditionally supported by banks. Thus it started Honey farming, microfinance direct the first for any bank and focused on knowledge banking by hiring sector experts instead... If you command to get a full essay, order it on our website: Orderessay

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