About 68% of Kotak Mahindra Bank’s corporate banking transactions are happening digitally, thanks to the bank’s new digital platform for corporate clients, Kotak fyn (for your need), a senior bank executive said.
“This was doubled in the last six months after fyn came in,” said Shekhar Bhandari, president – global transaction banking at Kotak.
The bank’s digital platform for business banking and corporate clients, which was launched in April, promises to bring down cost of funds for business units by around 14% with reduction in processing time on remittances.
The platform has onboarded about 40,000 customers out of which about a fourth are new customers, Bhandari told ET. The bank aims to grow the number to a lakh by the end of the fiscal.
It has processed 6 lakh trade transactions valued Rs 26,000 crore so far.
“Our endeavour is to allow all our customers a universal access across trade, collections, account services, loans and payments through all channels like mobile, API and web enabling a seamless customer service,” Bhandari said.
