Recipe to becoming the National Winners of YES Bank Transformation Series 2019 -By Team Red Devils from IIM Ahmedabad
The different rounds
The first round was a case study challenge and it was in partnership with 7 case partners including BlackBuck, Bounce, Dunzo, IBM, Instamojo, MakeMyTrip and Quikr. We chose to work on the BlackBuck case. The problem statement was to analyse whether Blackbuck should launch a service platform or focus on the existing freight platform. We focused on market attractiveness and unmet customer needs such as fleet management, additional expenses and in transit cash management.
Based on competitive landscape, infrastructure and regulatory readiness we decided to recommend Blackbuck to launch the service platform. We then focused on stakeholder analysis and based on business objectives, we created a business model canvas for the same. We worked exhaustively on cost structure, revenue streams and how we can leverage partnerships to build a scalable and sustainable business model for Blackbuck. Also, we identified the risk factors associated with the launch of the new vertical. We worked continuous for 10 days.
In the second round, all the teams were asked to develop a product strategy for reinvigorated YES robot that could be integrated with voice-based platforms. The problem statement was to provide a completely new identity to the chatbot, delineate its vision and strategy, outline potential business use cases, focus on educating customers through conventional and unconventional marketing methods and ensure a good ROI.
The emerging field of technology and our approach
The opportunity to work on this emerging technology excited our team of engineers. We chalked out a plan starting from understanding the industry. Post that, we used a lot of chatbots and AI-enabled apps, from within the banking industry and outside as well. Comprehensive competitor analysis of HDFC, Axis, ICICI and SBI was done to understand their apps, chatbots, and the future roadmap to leverage AI/ML capabilities. Extensive primary research was done including visits to different banks and conducting more than 30 interviews. A survey was conducted which recorded more than 250. We collected responses at banks, over the phone and online.
The team then decided on the business use cases to focus on and build a viable product strategy around it. We decided to name the chatbot “DIYA” (which happens to be the name of one of the team member's niece). This was the abbreviation for Digitally Integrated YES Bank Assistant. We worked on the business value, customer value, KPIs and a comprehensive product road-map for DIYA. We looked at the annual reports of YES Bank to make our financial estimates robust. In these 10 days we also looked at the social media profiles of YES Bank to understand their marketing style and strategy.
Most of the information was available on the internet but the main challenge was to get current primary industry insights from all stakeholders. We were continuously in touch with customers who use the app to understand first hand problems and chat bot needs.
The top 10 teams
Out of the 8305 teams who registered, 10 teams made it to the finale. There were 3 - 4 teams who had built a prototype of the chat-bot and had done exhaustive primary research who were our toughest competitors. Some teams had laid their entire focus on Digital and Creative Marketing. What worked for us was that we analyzed every single aspect of the chat-bot industry from Market growth, Product needs to Financials. Considering the presentation slides and time limit, it was difficult to cover each and every aspect. The top 3 teams who were able to do it efficiently were given prizes.
What made us different
As a team, we were clear with the fact that we have to cover all aspects of the chatbot industry. So, whenever a member worked on the Industry analysis, product development, primary research, Marketing or financials, we used to sit together and cross-question each other on a variety of aspects. Even during the mock presentations, we asked each other many questions. We think leveraging our individual forte along with the efforts we made to improve ourselves as a team helped us get titled as the National Winners of YES Bank Transformation Series 2019.
The three of us were in the first study group when our journey at IIM Ahmedabad had started. We have shared a great deal of understanding and an unbreakable bond has formed in the last year and a half. Surprisingly, this was the first time in the second year that only we three were part of a team. Eventually, we participated in a competition where we cleared all the rounds and won the competition as well.
In the second year, all our courses were electives. We had minimum overlap of courses and our lecture schedule was also different. We preferred to work at night and whenever we met, we planned things and distributed tasks efficiently. Because of our incessant academic schedule, we had some conflicts which were mostly regarding the timeline of work. But we knew we trust each other and that understanding worked well for us.
The YES Bank team and we were declared the National Winners
YES Bank took good care of travel and food during the final round. The panel members were also very friendly and asked a variety of questions. Considering the fact that there were 7 panel members and each of them asked a lot of questions, we felt that judgment quality was remarkable.
During the Finale, when all the 10 presentations were done, we were given a short break for lunch. We were happy with our presentation and were eagerly waiting for the results. Looking back at our journey of YES Bank Transformation Series 2019, we realized that we were able to learn a lot about mobility, logistics, banking, chat-bots, AI/ML applications and the changing needs of digital consumers. We also got a chance to interact with other teams and discussed their approach to the problem statement.
After the final presentation, all the teams gathered for the closing ceremony. There we got a chance to listen to Mr. Ravneet Gill (CEO, YES Bank). It was very interesting to know how the bank differentiates and prides in its digital competencies. The time for results was crucial. All the teams with over a month's effort waited eagerly for the same. It was a moment of pride for us when we were declared the National Winners for YES Bank Transformation Series 2019. We will cherish this competition for a really long time in our lives. We thank YES Bank and all the organizers for their tremendous effort. It was an invaluable and priceless experience for our team.