Unexpected changes are part of every mountaineering expedition,requiring a mountaineer to stay adequately prepared to deal with them at all times.

Amid the rapid digitalisation of India’s financial sector, Kotak has readied itself for disruption by undertaking game-changing digital initiatives. Every department is inspired by the spiralling benefits of state-of-the-art technologies, which are leveraged to deliver superior customer experience, drive business efficiency and assist business collaborations.

Kotak Mahindra Bank Going high-tech

Taking a digital leap forward, Kotak has upgraded net banking and its mobile banking app by adding new features and enhancing its user-friendliness. Its website was acknowledged as “Best-in-class brand for mobile experience” in the Finance category by Google’s ‘Masters of Mobile’ report.

Kotak’s mobile app continues to be the highest rated, with a rating of 4.8 on Apple App Store.

Promoting conversational banking

Kotak, with its new channels of Keya Chatbot and WhatsApp Banking, is engaging with its customer through conversational banking. While Keya Chatbot, enables all digital channels to handle various productrelated queries and service requests, WhatsApp Banking (first by an Indian bank) provides a range of banking services to customers on WhatsApp.

Opening new digital payment gateways

Kotak provides multiple digital, cashless payment channels to banking customers like consumers, merchants, corporates, fintechs and billers. New products like AEPS (Aadhaar Enabled Payment System) and Aadhaar Pay enabled last-mile payments for business correspondent agents, while allowing customers of any bank to access cash withdrawal and payments services. KayMall, on the mobile banking app, encompassing multiple e-commerce categories, allows secure and seamless purchases without thirdparty application.

Kotak ranks amongst the Top 5 Banks in MeitY’s ‘Digital Payments Achievement Dashboard’ (based on a point-scoring methodology).

Digitising SME focus

Kotak has launched digital initiatives for instantly disbursing business loans to its existing SME customers. It became the first bank to take co-lending LIVE with Capital Float and is the first private sector bank to join the platform - www.psbloansin59minutes.com

Transforming the digiscape

With focus on business efficiency, customer experience and risk reduction via automated solutions, Kotak has completed over 2 lakh transactions across multiple processes through Robotic Process Automation and now intends to scale to Cognitive Machine Reading to automate routine tasks. 100+ partners have been onboarded on an Open Banking platform to enable API-based lending and payment, with more than half going live. Ripple for International remittances has been made live, enabling faster partner onboarding and geographical forays. A non-Aadhaar (scanned physical image-based KYC with OTP authentication) full KYC platform has replaced the biometric-based onboarding.

Kotak AMC Digital for investors

Kotak Mutual Fund’s incessant quest to keep simplifying an individual’s investment journey resulted in an industry-first digital solution, ‘Video KYC.’ This innovative feature of the Kotak Mutual Fund app lets anyone complete her/his mutual fund KYC verification in a smart, quick, and efficient manner.

Kotak Mutual Fund introduced the feature of Insta Redeem, using which any investor can instantly redeem money up to ₹ 50,000 or 90% of invested amount, whichever is lower, from her/his Liquid Fund 24/7 in a matter of seconds.

A few other facilities aimed at enhancing the investors’ convenience are SIP Renewal Alert, Activation Alert, and Incomplete Cart Alert.

Kotak Life Insurance

In FY 2018-19, KLI strengthened its Genie platform, a mobile-based solution for sales fulfilment and handling new business transactions. It introduced new payment modes to enable faster cheque clearances. The launch of Kotak Authentication Review Mechanism (KARM) to automate pre-login verification steps, is helping minimal intervention at the processing stage. System integration with web aggregators, along with Smart-Sell – a pre-sale marketing, engagement and productivity app, to inform and engage prospects and policy holders – are some other highlights of KLI’s digital journey.

Kotak Securities

Leveraging technology to smoothen business experience, Ksec launched Free Intraday Trading, a simple and competitive price structure product to enable self-trades on the digital platform. An education platform is boosting self-learning on financial topics, thus powering the Company’s brand and supporting marketing activities. Automation and digital tools are helping personalise the campaign for customers.