SIMsePAY at YES Bank: Creating Value Through an Un‘smart’ Innovation

Abstract

Mobile banking is primarily targeted at smartphone users and therefore its benefits are inaccessible to the larger feature phone user segment (primarily bottom-of-the-pyramid users) in developing countries like India. YES BANK launched their innovative SIMsePAY mobile banking solution for fostering financial inclusion of this segment. It provides secure mobile banking services to feature phones without the need for a data network by simply pasting a sticker on the SIM card of the phone. But for YES BANK, the investment in this product is fraught with the risk of quick obsolescence due to rapid development of newer technologies and gradual replacement of feature phones with smartphones. This case study explores the conceptualization and development of the innovative banking product in collaboration with technology partner Taisys Corporation. Further, it discusses the development of a swift and effective rollout strategy for the innovative banking solution.