Kotak Mahindra Bank - Enterprise Tech Ecosystem Series

Kotak Mahindra Bank - Enterprise Tech Ecosystem Series

Summary

Kotak Mahindra Bank is a provider of consumer banking, commercial banking, corporate banking, and wealth management. Consumer banking comprises accounts, deposits, cards, loans, insurance, investments, payments and transfers, non-resident Indian (NRI) banking, and privy banking services. Commercial banking includes working capital, trade service, and various non-banking value-added services. Corporate banking offers finance, payment, and collection services; transaction management; and forex management. Wealth management contains smart solutions, research and insights, investment management, wealth structuring, and banking solutions. The bank serves retail, commercial, SME, NRI, corporate, and wealthy clients in India and through representative offices in the US, the UK, the UAE, Singapore, and Mauritius.

In September 2021, Kotak and the Indian Institute of Science (IISc) formed a partnership to set up an AI and machine learning (ML) center (Kotak-IISc AI-ML Center) at the IISc campus in Bengaluru, India. The center will offer academic courses in areas including AI, ML, natural language processing, computational finance and risk management, cybersecurity, and blockchain, among others.

In August 2016, the bank launched Kotak Innovation Lab to partner with and invest in startups in the fintech space, with the aim of co-developing innovative products and solutions. The lab has been focusing on AI, data analytics, biometrics, and ML.

Introduced in November 2021, Kotak launched the inaugural edition of its fintech hackathon titled “REIGN: REImaGiNe the way we bank!” for undergraduate engineering students. The hackathon aims to partner with next-generation techies to realize their vision of the future of banking by designing innovative solutions.

This report provides insight into Kotak Mahindra Bank’s fintech activities, including its digital transformation strategies, innovation programs, technology initiatives, estimated ICT budget, and major ICT contracts.

Scope

• Kotak has implemented its ‘Phygital’ strategy to help the group consolidate its experience of conventional and modern service delivery to make customers’ journeys seamless. Its digital-first strategy aims to make banking more accessible by incorporating technology, design, and customization across its products and services through technological initiatives.
• Kotak has been actively promoting digital banking, including digital payments. The bank has introduced access to a variety of digital payment solutions, including Visa payWave, Samsung Pay, Bharat QR, UPI, Bharat Bill Payment System, Aadhaar Enabled Payment System, Aadhaar Pay, and FASTag for consumers, merchants, corporates, fintechs, and billers.
• Kotak has continued to leverage its digital solutions and products through the augmentation of additional features on existing channels such as the Keya chatbot, WhatsApp banking, and Kotak 811. The group has focused on acquiring customers through digital channels and end-to-end digital lifecycle management.
• Kotak is adopting various digital technologies to effectively engage with and upskill its employees from onboarding onwards. The company launched KLAPP (Kotak Learning and Performance Partner), an app for managing the employee journey from pre-joining to post-joining.

Reasons to Buy

• Gain insights into Kotak Mahindra Bank's tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into its various product launches, partnerships, and investments strategies.