Digital excellence, Key to Superior Customer Experience: Deepak Sharma, Kotak Mahindra Bank

Deeepak Sharma
Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank Ltd

At Kotak, customers are at the centre of what we do. Our digital innovation approach combines three ‘I’ principles- Insights, Initiate and Iterate. Through this process, we combine customer insights with design, process and technology to bring superior customer experience says, Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank Ltd, in conversation with Elets News Network (ENN).

Deeepak Sharma
Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank Ltd

What are your views on digital reinvention in terms of today’ BFSI industry?

Digital and Technology are deeply embedded in all aspects of financial services. Some major ones are:

  1. Moving from channels to platforms. With a vast range of products and services on offer to new and existing customers, banks are reimagining mobile, web, voice and chat interface to bring seamless, scalable and secure interface.
  2. The core technology architecture is going through a revamp where monolithic systems are getting unbundled with API, microservice and cloud-ready stack.
  3. Data and design are becoming centric to transitioning from products to the customer journey and crafting a personalised experience.
  4. AI and ML adoption are increasing beyond customer-facing interfaces to areas around credit, fraud risk, cybersecurity, operations and audit.
  5. Open and connected banking are creating new opportunities for an embedded ecosystem play. This will bring a more seamless experience for customers across financial and financial service platform. The forthcoming account aggregator framework should make it seamless.

At Kotak, how do you ensure customer centric approach along with digital innovations?

Customers are at the centre of what we do. Our digital innovation approach combines three ‘I’ principles- Insights, Initiate and Iterate. Through this process, we combine customer insights with design, process and technology to bring superior customer experience.

WhatsApp Banking, Keya chatbot and voicebot, KayMall or a simplified payment experience are some examples of innovating on behalf of customers. Measuring customer satisfaction by way of feedback, net promoter score (NPS) and adoption metrics help us further align and measure the impact of these innovations.

Tell us about Keya, the Chabot. How is its reception among the customers?

 Keya – what started as an early bet for us – today has emerged as a widely loved and adopted chat interface by our customers across the Kotak website, net banking and mobile app. With over 10 million conversations, 40 percent repeat users and 93 percent accuracy rates, it has emerged as one of the preferred channels for customers. We continue to learn, innovate and bring new skills on Keya.

What do you do to enhance the customer engagement and retainment process?

Kotak customers can digitally connect with us across six channels, thereby offering customers channels of choice. We offer over 150 products and services through these channels. Digital combined with the branch, contact centre and ATM provides Kotak customers 360° access. Using advanced analytics, we offer personalised products and services across touchpoints. Various analytics tools and feedback also provide us with the necessary inputs in designing new journeys, content and products.

Would you like to tell us about 811 and its success rate?

811 continues to attract and engage digital natives and digital immigrants in large numbers. Our ability to offer truly realtime customer onboarding and transaction capability combined with zero fee and charges for digital transactions have found wider acceptance across metro, urban and rural markets. We continue to innovate new products and transaction experiences around them.

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