The bank is seeking to expand its business, and grow the corporate client base three times through digital channels.
Kotak Mahindra Bank plans to ramp up its digital channels to acquire business customers, aiming to expand its corporate client base three times, a top executive said.
The lender now has 40,000 customers on Fynn, its digital service for corporate and business clients, said Shekhar Bhandari, President of Global Transaction Banking.
“…we aim to take this number to 1.2 lakh by the end of FY24,” Bhandari told Moneycontrol.
Kotak Mahindra Bank is looking to target potential new customers via different social media channels and plans to run campaigns on sites like LinkedIn, Bhandari said.
Customers of several banks have of late complained about issues with their banks’ digital services. Some have complained of transaction delays; others about encountering errors.
On issues with digital services, Bhandari said the size and speed at which digital transactions are taking place shows the need for a strong technology network.
“The current banking think tanks have to prepare a robust system which can manage speed, scale and safety of the transactions,” said Bhandari.
The use of Artificial Intelligence and machine learning is set to grow.
“On Fynn, we have decided to have all the growth aspects of technology. like introducing artificial intelligence and machine learning in our platform,” he said.
In the past few months, many banks have introduced new digital banking initiatives and partnerships to expand their reach on the digital front.
The country’s largest private sector bank, HDFC Bank, in January 2023 partnered with Microsoft in the next phase of its digital transformation journey to unlock business value by transforming the application portfolio, modernizing the data landscape, and securing the enterprise with Microsoft Cloud.
ICICI Bank, in March 2023, launched multiple services for traders and stock brokers to digitally open online trading, demat and savings accounts in a few hours.
In May 2023, Axis Bank launched Saarthi, a digital banking service for merchants providing data and payment services.
