Kotak announces digital-first growth strategy

Mumbai: Kotak Mahindra Bank on Tuesday announced its digital-first organic growth strategy to make banking more accessible for customers by integrating technology, design and customisation across its products and services.

Kotak's Executive Vice Chairman Uday Kotak said this digital-first strategy will be driven by "artificial intelligence enriched mobile app, biometric enabled branches, context enhanced customer experience and data empowered design" -- what it called the new ABCD of finance.

He said that private sector banks will increase their market share from 30 per cent to 50 per cent in the next five years and Kotak will aim to increase its share in that pie through its digital initiatives backed by sound and sustainable banking practices.

Unique Identification Authority of India (UIDAI)'s founding Chairman Nandan Nilekani added that technology had emerged as a great leveller in the past decade and with Adhaar, banks would be able to capitalise this unique identification platform to revolutionize the sector.