Kotak Mahindra Bank Rings 811 To Take Digital Lead
Express Computer|September 2018

The launch of 811, India’s first downloadable digital banking ecosystem, has enabled Kotak Mahindra Bank to increase its share of wallet in India’s highly competitive banking space

Abhishek Raval
Kotak Mahindra Bank Rings 811 To Take Digital Lead

It is a sign of Kotak Mahindra Bank’s digital strengths that is helping the bank deliver stellar results. In its recent results for Q1FY19, the bank declared that mobile banking transactions crossed one crore in volume and ₹ 10,000 crore in value; 89 per cent of recurring deposits were sourced digitally while 67 per cent of fixed deposits were sourced digitally. The bank is also close to doubling its customer base - in March 2017, the bank had estimated that it would double its customer base from eight million to 16 million by September 2018. In the quarter ended June 2018, the customer base moved from eight million at the end of March 2017 to 14.5 million. As the bank accelerates its digital strategy, Aruna Rao, Group CTO, Kotak Mahindra Bank, shares why 811 is a game changer for the bank.

In a recent media interaction, Uday Kotak said, "My science fiction view of banking is that you will see a complete blurring of financial services and technology, and banks of the future will have to work at a quarter of their current cost models." What's your view?

I think the picture that Uday Kotak has painted has already started to play out. We see several technology firms offering financial services and banks are offering a full range of cutting edge banking products and services on their mobile and net banking platforms. Kotak’s mobile banking app is also an ideal lifestyle app for e-commerce transactions on Flipkart, PVR, Goibibo, Shopclues, IRCTC, etc.

In addition, new age digital products are conceived and designed by multi-skilled teams who understand banking as well as technology.

この記事は Express Computer の September 2018 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

この記事は Express Computer の September 2018 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

EXPRESS COMPUTERのその他の記事すべて表示
How Big Basket Is Leveraging Emerging Tech For Streamlining Delivery
Express Computer

How Big Basket Is Leveraging Emerging Tech For Streamlining Delivery

A perfect combination of focused strategy, market knowhow, customer centricity, and most importantly, the right technology, has led to Big Basket's dominance in online grocery space

time-read
4 分  |
March 2020
Technology raising the bar in higher education
Express Computer

Technology raising the bar in higher education

From app-based learning to virtual classrooms and from AI to analytics, the higher education industry in India is driven by increasing technology adoption

time-read
3 分  |
March 2020
Speaking about the EDGE
Express Computer

Speaking about the EDGE

BY ESTABLISHING IT deployments for cloud-based services in edge data centres located in localised areas or communities, IT resources are effectively brought closer to end users and devices

time-read
3 分  |
March 2020
REDEFINING DATA CENTRES
Express Computer

REDEFINING DATA CENTRES

A look at how some of India's leading organisations are heralding transformational changes in their data centre operations

time-read
5 分  |
March 2020
Need to define outcomes before making data centre software defined
Express Computer

Need to define outcomes before making data centre software defined

THERE IS A NEED to clearly define the outcomes from adopting the software defined concept; a necessary mechanism to regularly review and revise the outcomes should also be built, says Manoj Gautam, VP - IT Infrastructure Service, Maruti Suzuki India

time-read
4 分  |
March 2020
ICICI Bank: Unique distinction of a platinum rated green data centre
Express Computer

ICICI Bank: Unique distinction of a platinum rated green data centre

PROVIDING A MAJOR impetus to CII- Indian Green Building Council's (IGBC) efforts in greening of Indian data centres, ICICI Bank Data Centre in Hyderabad has gained the unique distinction of becoming India’s first Platinum rated project under IGBC Green Data Centre Rating System

time-read
3 分  |
March 2020
Data centre rationalises computing resources at Titan Company
Express Computer

Data centre rationalises computing resources at Titan Company

TITAN HOSTS A complex IT architecture. The data centre team has been trained by the OEMs to run the software-defined infrastructure, says Krishnan Venkateswaran, Chief Digital and Information Officer, Titan Company

time-read
3 分  |
March 2020
Bajaj Housing Finance goes with 100% cloud architecture
Express Computer

Bajaj Housing Finance goes with 100% cloud architecture

BAJAJ HOUSING FINANCE has moved the entire enterprise IT ecosystem 100 per cent on public cloud, leading to flexible architecture for its business applications, data warehousing and analytics, which is high performing, rapidly scalable and secure

time-read
2 分  |
March 2020
The top barriers financial institutions face in their race to digital transformation
Express Computer

The top barriers financial institutions face in their race to digital transformation

WHY ARE DIGITAL business transformations failing to deliver value? Low double digit percentage of IT leaders have seen sustained performance improvement from transformation efforts, and are successful at sustaining change

time-read
5 分  |
April 2020
Mercedes-Benz banks on digital initiatives for competitive advantage
Express Computer

Mercedes-Benz banks on digital initiatives for competitive advantage

MERCEDES BELIEVES THAT CONNECTED, Autonomous, Shared and Services, Electric (CASE)are the four concepts that will shape the future of driving. While design has been a fancy for Mercedes, tech and IT is as significant. And if touch controls seem too tedious to operate then the company now brings out gesture control

time-read
3 分  |
April 2020