An Empirical Study on Innovative Business Strategies - Key to Progress in the Emerging Economies with Special Reference to Yes Bank

Abstract

Today competing successfully in emerging markets has become the key to a good and effective corporate strategy and to grow and sustain profitably in these markets it is essential to opt for a strategy based upon innovation blended with entirely new set of skills, organizational structures, new concepts, products and services that serves to the specific requirements of the market, keeping in mind the cost factor. The objectives of the present research were: (i) To understand how the various innovative strategies like knowledge banking initiated by Yes Bank is helping the bank to progress and sustain its position in the Indian Banking sector and (ii) The customer's perception about the innovative products and services offered by Yes Bank. All the constructs were measured using Multiple Item Rating Scales. To ensure content validity the measures were assessed by five academics so that the respondents would understand the question correctly. To measure the innovativeness of the bank 20 variables have been considered for Branch Banking Services and 25 variables for the Corporate and Commercial Banking. Two sets of different questionnaires have been framed respectively. Total of 150 customers have been contacted for the research purpose. The data collected has been analyzed using various statistical tools to check the validity of the proposed hypothesis. The paper will throw light on the various innovative strategies adopted by Yes bank to sustain itself and to attain growth profitably. The paper also give an insight towards the customers’ perception towards the Bank's new concepts, products and services which makes the bank an Innovative Success in an emerging economy like India.