Centricity
Customer Experience on our product platforms has been enhanced as we continuously engage with our customers through multiple channels to gauge their needs and design our product solutions accordingly.
Kotak Mahindra Bank
EASY AND SEAMLESS TAX PAYMENTS
We were empanelled as an Agency Bank and started collecting both Direct (Income Tax) and Indirect (GST and Customs) taxes, enabling customers to now pay their taxes online directly from their Kotak Bank accounts.
Further, by listing on the Income Tax Department’s recently launched TIN 2.0 platform, we became one of the first banks to allow its customers to pay direct taxes via a variety of modes, such as debit and credit cards, internet banking and UPI, with a bank of their choice through the Kotak Payment Gateway.
INNOVATIVE SAVINGS ACCOUNT OFFERINGS
Launched three new Corporate salary propositions: ‘NationBuilders Salary Account’, which is focussed on unique banking and lifestyle needs of Public Sector Undertaking and Government professionals; ‘Kotak Crème’, an enhanced banking proposition for employees of leading corporates, which gives them access to premium banking benefits; and ‘Everyday Account for Salaried Professionals’, a product designed for millennials and early jobbers, offering value for money with power-packed benefits.
EMPOWERING WOMEN
Kotak Silk, the Bank’s offer for women, was relaunched and repositioned with specially curated new features to partner the woman customer in their financial journeys. We are also building a dedicated platform for the financial education of women.
DEBIT CARDS
Launched new variants of debit cards to deliver superior features and experience to customers, namely, ‘Nation Builders Debit Card’ and ‘Everyday Debit Card’ on the Rupay platform.
CREDIT CARDS
Launched new variants of debit cards to deliver superior features and experience to customers, namely, ‘Nation Builders Debit Card’ and ‘Everyday Debit Card’ on the Rupay platform.
Launched ‘METRO Kotak Credit Card’ in association with METRO Cash & Carry India to provide easy, interest-free credit facility (for up to 48 days) to over 3 million registered METRO India customers.
Launched ‘White Reserve Metal Card’ exclusively for the premium segment of customers, thus widening the Bank’s suite of offerings for credit card customers.
INVESTMENTS
The Bank introduced ‘Insta SIP’, a quick and convenient way to book multiple SIPs (Systematic Investment Plans), to enable the customer to book SIPs in more than one mutual fund in just 2-3 steps.
After the Digital Initiative taken up in the last financial year to open the National Pension Scheme (NPS) account via Mobile App, 80% of the individual NPS accounts are sourced from the Kotak mobile app. The Bank was also among the Top-3 Private Banks in the industry in terms of NPS performance.
DIGITAL RUPEE
We implemented the first phase of the RBI’s Digital Rupee; we are amongst eight banks shortlisted by the RBI to implement a pilot project for the issuance of Digital Rupee.
BUSINESS BANKING
We launched ‘Merchant One Account’, a Current Account that caters to the banking and business-related needs of Micro, Small and Medium Enterprises (MSMEs), including small retailers. It is a unique proposition that helps merchants digitise their daily business processes through smart automation and avail features that are usually found in the organised retail sector, making their day-to-day operations easier, convenient and faster.
New-to-Bank Current Account customer can now open a Current Account digitally, either through DIY or assisted journey, end-to-end, with an option to have a preferred account number by Sole Proprietor and Individual, enabled through Video KYC and real-time back-end verification, reducing the time taken for account opening from days to hours.
COMMERCIAL BANKING
We re-imagined the processes to reduce NOC issuance to two working days for our Tractor Finance customers. We centralised credit assessment through Credit Hubs for our MSME customers in the Agri Business which helped us reduce the approval TAT for renewals to less than 48 hours. We initiated WhatsApp registration through multiple channels, such as SMS, Voice Bot calling and IVR.
The Bank introduced secured business loans through BSS Microfinance to microenterprises, and launched a multilingual customer-facing app for the customers of Kotak Bank (sourced through BSS Microfinance).
WHOLESALE BANKING
Launched ‘Instant CMS’, a product that enables clients to avail CMS products on the same day with zero documentation, via online DIY journey within a few clicks.
Launched ‘Sigma’, a new reporting platform with best-in-class technology and architecture to provide customised solutions for clients across various products with a unique capability to merge various data sources to create a consolidated MIS.
Launched paperless exports, white label supply-chain platform, LC confirmation and negotiation automation with the use of BOTs amongst other trade and supply chain products.
Increase in number of users registered on Corporate Mobility App
KOTAK fyn
A one-of-a-kind digital enterprise portal designed for business banking customers entered its next phase as an integrated one-stop digital platform offering all four elements for a corporate’s business banking needs, such as Trade Services, Account Services, Collection Services and Payments. Its innovative and intuitive UI, with several industry-first features, will further provide the customer with a superior banking experience.
Increase in number of fyn transactions
YoY
Kotak Cherry (Kotak Investment Advisors)
Kotak Cherry (launched last year) is a 100% digital investment platform focusing on retail investors. At present, Mutual Funds, MF Baskets, Stocks, Stock Baskets and Bonds are being offered through Cherry’s mobile app and website. Though accessible to both Kotak Group and non-Kotak Group customers, it initially intends to leverage the huge customer base of Kotak Mahindra Bank.
Stock Broking (Kotak Securities)
The digital-only plans, Trade Free Plan – with focus on the intraday segment and Trade Free Youth Plan – to encourage market participation from the youth of India, have seen huge adoption among the traders, as a result of which these plans cumulatively accounted for 48% of the overall acquisitions of KSL and 75% of derivatives market volumes for KSL in FY 2022-23.
Life Insurance (Kotak Life Insurance)
To provide personalised experience to its customers, Kotak Life continues to pursue the three identified impact pillars, viz.
- Easy and convenient access to customers
- Moving from product to solutions (enhanced value propositions)
- Building organisational agility to respond to changing market dynamics.
In keeping with the above pillars, Kotak Life launched 17 new/enhanced products across the Protection and Long-Term Savings categories (across retail and group business).
These include the innovative bite-sized ‘Protect India’, an affordable Term Plan that is designed for millennials and first-time buyers and ‘Pradhan Mantri Jeevan Jyoti Bhima’ (PMJJBY), which aims to include a wider section of the population under the protection basket.
The flagship protection product ‘eTerm plan’ now offers a host of wellness benefits, such as medical check-ups, tele-medicine consultation, personal medical care and lifestyle management programmes to provide a holistic solution and value.
General Insurance (Kotak General Insurance)
Launched ‘Kotak Meter’ – Pay as you drive – a product that treats customers fairly. This driver-based motor insurance add-on allows policyholders to SWITCH their car insurance ON and OFF, based on usage through an app. The innovative cover treats policyholders fairly who drive less by rewarding them for the unused days and providing up to 40% cashback during renewal.
Continues to pursue and enhance the features of #DriveLikeALady, a unique initiative that aims to celebrate the lady driver by building in special pricing on their car insurance policy.
Mutual Fund (Kotak Mutual Fund)
During FY 2022-23, the Kotak Mutual Fund has conducted Investor Awareness Programmes across India in an effort to educate and make prospective investors aware of mutual funds. it added over 8.75 lakh unique investors in the financial year.
Unique investors added in FY 2022-23