Overview

Kotak Mahindra Bank embarked on a transformative journey to revolutionize its corporate banking experience by partnering with Finastra. Faced with the challenge of disjointed user experiences and evolving customer expectations, the bank aimed to consolidate its corporate banking systems into a seamless and unified solution. Leveraging Finastra’s Corporate Channels, the bank developed “Kotak fyn,” a one-stop enterprise banking portal that offers a personalized, intuitive, and convenient experience for its corporate customers. The project has successfully streamlined operations, accelerated digital adoption, and positioned Kotak Mahindra Bank as a leader in digital innovation within the Indian banking sector.

Through this collaboration with Finastra, Kotak Mahindra Bank has not only met its objective of delivering frictionless corporate banking experience but has also reduced the time-to-market for future digital banking enhancements. Kotak fyn has garnered positive feedback from customers and transformed the way they interact with the bank, with over 40,000 corporate customers already benefiting from this innovative solution.

Implementation Process

The implementation process of Kotak Mahindra Bank’s corporate banking transformation was marked by a collaborative partnership with Finastra. Together, they meticulously designed and developed “Kotak fyn,” leveraging Finastra’s Corporate Channels. The process involved co-creation and co-innovation, ensuring that the solution met the bank’s unique requirements and adhered to best practices. With the support and guidance of Finastra’s experienced team, Kotak Mahindra Bank successfully met its tight go-live deadline, rolling out phase one of Kotak fyn, which offers a wide range of corporate banking services across various functions. This collaborative approach not only facilitated the rapid achievement of project goals but also laid the foundation for ongoing engagements, turning Finastra into a strategic partner rather than just a software vendor for the bank’s digital transformation journey

Benefits Achieved

• Enhanced user experience with a consolidated and seamless journey for corporate customers.
• Reduced time-to-market for future digital banking offerings, enabling agile responses to customer needs.
• Improved operational efficiency through streamlined processes and the elimination of disjointed portals.
• Personalized user dashboards and over 20 pre-configured workflows for faster and more efficient customer interactions.
• Increased digital adoption, with over 50% of trade transactions now conducted digitally.
• Scalability and flexibility to adapt to changing customer expectations and integrate with other solutions via APIs.
• A unified portal accessible on various devices (PC, mobile, tablet) for a consistent user experience.
• Over 40,000 corporate customers benefiting from the innovative Kotak fyn solution.

Conclusion

In conclusion, Kotak Mahindra Bank’s collaboration with Finastra to enhance its corporate banking experience through the development of Kotak fyn has yielded significant benefits. This transformative project has not only delivered a unified, seamless, and personalized user journey but also positioned the bank as a digital banking innovator in India. By reducing time-to-market for future digital enhancements and embracing a collaborative partnership with Finastra, Kotak Mahindra Bank is well-prepared to meet evolving customer expectations and continue driving digital innovation in the dynamic landscape of corporate banking, ensuring sustained growth and competitiveness in the sector.

Key Facts

Bank Name: Kotak Mahindra Bank
Bank Founded In: 1985
Bank HQ: Mumbai, India
Vendor Name: Finastra
Solution Implemented: Finastra Corporate Channels
Timeline: NA