Technology adoption is picking up in every sector: Private or government

What has been the digital strategy for the banking sector as far as you are concerned? What technologies/innovations have you used to create the best customer experience needed?

At Kotak Mahindra Bank, we have pursued a digital-first strategy with the aim of providing the latest and best-in-class technology platform to our customers. In addition to building a digital ecosystem internally, we are also a key participant in building a collaborative ecosystem that will help accelerate the pace of innovation for the benefit of customers. The “During Covid” (DC) era has only given an additional boost to digital.

Let me list a few key digital initiatives we have recently introduced:

  • Kotak was the first in India to pioneer video-based KYC [Know Your Customer] to open a full-fledged Kotak 811 savings account. This a start-to-end fully integrated, zero-contact, completely digital and paperless account opening + Full KYC journey to onboard new customers
  • We developed a completely end-to-end, paperless, digital documentation system called e-Sign, to enable disbursement of MSME [micro, small, and medium enterprises] loans without any physical interaction.
  • We launched Digi Home Loans, a completely contactless journey enabling applicants to apply for a home loan and get a sanction without having to meet anyone in person. In addition, home loan applicants can check their loan amount eligibility and applicable interest rate immediately online, and also receive an in-principle sanction letter instantly.

As a technology leader, what role do you think a good cloud strategy plays in market traction and optimization of resources?

Whilst banks have constraints, both regulatory and security wise, in completely moving all applications to Cloud, Cloud computing is definitely moving to the forefront as a focus for many organisations and banks are not far behind in this initiative. I personally believe Cloud will help banks in fulfilling the need of the hour which would give leverage to business and operating models in improving revenue generation, increasing customer insights, containing costs, and helping in reducing the end-to-end TAT in launching products quickly and efficiently.

Cloud adoption can also enhance the entire resiliency ecosystem which is the need of the hour for banks and financial services companies. However, these will only be for non-core banking applications and non-customer data bearing applications. For some of the front facing applications and interfaces which need round-the-clock up-times and availability, Hybrid and Private cloud setup would be the best suited option.

What role do stakeholders play in this? When you were adapting to this platform did you face any questions by the leaders in the organization?

We follow a top down approach in adopting new technology, which has helped us to introduce some best-in-class and first-in-the-market products (viz., Kotak 811, Video KYC etc). The entire leadership team understands the value that technology and digital brings to the table.

How do you see the adoption of technology in Indian businesses (large and SMBs) and do you think it will help India to take the next big leap?

Technology adoption is picking up in every sector irrespective of whether it is private or government. It is the need of the hour and with the entire Aatmanirbhar Bharat push from the central government, it is becoming imperative for every sector to adopt the latest technology and digital platforms.

What will be your 5 key advices to technology leaders in making?

  1. Always put the customer first and evaluate a project from the customer’s point of view.
  2. There can be no compromise on security and privacy of customer data
  3. Adopt new technologies and platforms as per the specific needs of the organisation and customers. Do not simply follow the crowd. Evaluate the need, adaptability, ROI, security before implementing the technology.
  4. Do it once and do it right! It is difficult to get a second chance, so take your time in launching a robust, easily adaptable, always available, resilient and sustainable product/initiative
  5. Think Millennial and Gen Z – It’s the world of millennials and Generation Z and one must understand this customer profile when designing new initiatives.

(Views expressed are personal)

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of ET Edge Insights, its management, or its members

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