Kotak Mahindra Bank – Digital Transformation Strategies
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Kotak Mahindra Bank (Kotak) has been focusing on using online payments, conversational platforms and artificial intelligence to digitally transform its operations. The annual ICT spending of Kotak was estimated at $267.7 million for 2021. A major share of this spending is earmarked for acquiring software, hardware and consulting services from vendors. Kotak is a provider of consumer banking, commercial banking, corporate banking, and wealth management. Consumer banking comprises accounts, deposits, cards, loans, insurance, investments, payments and transfers, non-resident Indian (NRI) banking, and privy banking services. Commercial banking includes working capital, trade service, and various non-banking value-added services. Corporate banking offers finance, payment, and collection services; transaction management; and forex management. Wealth management contains smart solutions, research and insights, investment management, wealth structuring, and banking solutions.
The Kotak Mahindra Bank digital transformation strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, accelerators, incubators and other innovation programs, technology initiatives, technology introductions, investment and ICT spending among others.
Digital Transformation Strategies
Kotak has been actively promoting digital banking, including digital payments. The bank has introduced access to a variety of digital payment solutions, including Visa payWave, Samsung Pay, Bharat QR, UPI, Bharat Bill Payment System, Aadhaar Enabled Payment System, Aadhaar Pay, and FASTag for consumers, merchants, corporates, fintechs, and billers.
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Kotak Technology Theme Focus
Kotak is utilizing a number of emerging technologies including online payments, conversational platforms, artificial intelligence, and blockchain among others to enhance its operational and service capabilities.
Kotak Technology Theme Focus
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Kotak Technology Initiatives
Kotak has been involved in several strategic technology partnerships and collaborations, technology developments and roll outs, and technology investments over the past few years. For instance, in 2019, the bank launched an AI-driven chatbot called Keya. Keya chatbot is a voice- and text-based assistant available 24/7 to answer customer queries about credit cards, debit cards, savings and current accounts, fixed deposits, and fund transfers.
For more insights on other technology initiatives of Kotak, download a free report sample
Kotak ICT Spend by Function
- Data center
- Communications
- Network
- Applications
- End-user computing
- Management
- ICT Service desk
For more insights on ICT spending by function, download a free report sample
Kotak ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- Telcos
- ICT services providers/consulting firms
- Specialist outsourcers
- Systems integrators
Kotak ICT Spend by Channel
For more insights on ICT spending by channel, download a free report sample
Kotak External ICT Spend by Segment
- Software (including Cloud SaaS)
- Hardware (including Cloud Iaas)
- ICT services
- Consulting
- Network and communications
- Others
Kotak External ICT Spend by Segment
For more insights on external ICT spending by segment, download a free report sample
Kotak Digital Transformation Strategies Overview
Total ICT Spending 2021 | $267.7 million |
ICT Spend by Function | Data center, Communications, Network, Application, End-User computing, Management, and Service desk |
ICT Spend by Channel | Internal development and maintenance, Technology vendors (direct), Local resellers, Telcos, ICT services providers/consulting firms, Specialist outsourcers, and Systems integrators |
External ICT Spend by Segment | Software (including cloud SaaS), Hardware (including cloud Iaas), ICT services, Consulting, Network and communications, and Others |
Technology Theme Focus | Online payments, conversational platforms, artificial intelligence, and blockchain |
This report provides:
- Insight into Kotak’s technology activities.
- Insights of its accelerators, incubators, and other innovation programs.
- Overview of technology initiatives covering partnerships, technology introductions and investments.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets.
Reasons to Buy
- Gain insights into Kotak’s technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various partnerships.
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Table of Contents
Frequently asked questions
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What was the total ICT spending of Kotak in 2021?
The annual ICT spending of Kotak was estimated at $267.7 million in 2021.
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What are the key ICT spending categories by function for Kotak?
The key ICT spending categories by function for Kotak are communications, data center, network, applications, end-user computing, ICT service desk, and management.
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What are the key ICT spending categories by channel for Kotak?
The key ICT spending categories by channel for Kotak are internal development and maintenance, technology vendors (direct), local resellers, telcos, ICT services providers/consulting firms, specialist outsourcers, and systems integrators.
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What are the key external ICT spending categories by segment for Kotak?
The key external ICT spending categories by segment for Kotak are ICT services, software (including cloud SaaS), hardware (including cloud IaaS), ICT services, network and communications, consulting, and others.
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What are the key technology themes in focus for Kotak?
The key technological theme in focus for Kotak are online payments, conversational platforms, artificial intelligence, and blockchain.
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