Since the inception of the erstwhile Kotak Mahindra Finance Limited in 1985, it has been a steady and confident journey leading to growth and success with total assets US$15.8billion FY2015. Kotak Mahindra Bank Ltd is a one stop shop for all banking needs. The bank offers personal finance solutions of every kind from savings accounts and credit cards, distribution of mutual funds to life insurance products. The Bank offers transaction banking, operates lending verticals, manages IPOs and provides working capital loans. Kotak has one of the largest and most respected wealth management teams in India, providing the widest range of solutions to high net worth Individuals, entrepreneurs, business and employed professionals.
The company was founded in 1985 by Uday Kotak. In 2004, the company converted to a commercial bank when it received a license from the Reserve Bank of India, becoming the first Indian finance company to do so.
Kotak Mahindra bank also reached the top 100 most trusted brands of India in The Brand Trust Report published by Trust Research Advisory in 2011.
Kotak Mahindra has built all its businesses from scratch. They have always believed that execution is at the heart of all strategies. And this is no different even for their banking business. While they have a compelling philosophy for the Bank, execution of that philosophy will be the real challenge. Their philosophy is to not only retain their businesses while they grow their banking business but also to capitalize on their positioning in the market. Kotak Bank has been formed by converting a Non-Banking Finance Company (NBFC) into a bank. They were an NBFC for 18 years with a leading presence in retail asset financing business, including car finance. Add to this, their leading presence in stock broking and investment banking and their mutual fund and life insurance business. Thus, the brand has the right mix of businesses to propel its banking business.
Social media, and in particular favourite forums for self-expression like Twitter and Facebook, can do a little more than boost egos, build reputations and create virtual spheres of influence. Proof comes in the form of a ‘Social Media Banking’ solution announced by the Kotak Mahindra Bank. In simple terms, a consumer can place a request for a cheque book, get transaction details, and so on, with Kotak Jifi account, with a Tweet or post. Understandably, the product is targeted at the youth.
In order to leverage on RBI’s month old deregulation of Savings account interest rate, Kotak Mahindra Bank has launched a new campaign to communicate that its Savings bank deposit interest rate is now 6 per cent instead of 4 per cent. The TVC created by Cartwheel Creative stars actor Vinay Pathak who plays the character of ‘Subo’, the guy who apparently knows everything (‘Subo sab jaanta hai!).
Kotak Mahindra Bank was awarded the Best Investment Bank in India in the years 2006, 2007, 2008, 2009 & 2010 by Finance Asia. It was also awarded the best equity house and the best broker by Finance Asia in 2010. Apart from these the bank has won many awards as the best Investment Bank in India over the years.
The mission of the Bank is “To be the most trusted Global Indian Financial Services brand and the most preferred financial services employer with focus on creating value.” Considering the number of times they have been awarded as the best investment bank in India, they are successfully achieving their mission.