Kotak Mahindra Bank: Q1, FY21 results: Digital report card

The Kotak Mahindra Bank announced the Q1, FY 21 results. Below is the digital report card.

RD and FD sourced digitally
The Bank has ensured uninterrupted service and customer support via digital channels
 New 811 accounts continued to be opened throughout Q1FY21
 97% of recurring deposits and 87% of fixed deposits were sourced digitally during Q1FY21
 First bank to launch a zero-contact, completely digital video KYC account opening process

Mobile Banking
• Mobile Banking growth YoY ~ 61% (Volume)
~31% YoY growth in monthly active users on Mobile Banking
~85% Mobile banking customers are ONLY on mobile app (Jun 20)
~24X Logins on mobile banking compared to Net Banking (Jun 20)
~5X YoY growth in Monthly Service Requests via Keya Chatbot (Jun20)

Digital Payments, API Banking & Partnerships
Key Highlights
1.7X growth of consumer volumes in Q1FY21 over Q1FY20
21X growth of registered UPI merchant base as at end of Q1FY21 v/s Q1FY20
8X growth of UPI transactions acquired in Q1FY21 v/s Q1FY20
In-App/Online Grocery Shopping launched for customers during the COVID-19 lockdown
• Grocery contributed to 26% of total KayMall volume in Q1

Key Trends
Open Banking has enabled new 10 API relationships in Q1 FY21 with ~11.6X transaction growth in Q1FY21 over Q1FY20

Consumer UPI P2M (Peer to Merchant) Checkouts have grown ~2.2X in Q1FY21 over Q1FY20
% Share of P2M Merchant checkout transactions have grown 1.3X i.e. 44% of UPI transactions in Q1FY21 over 34% of UPI transactions in Q1FY20

Initiatives to address Covid-19
Role of automation in managing service volume volatility
o To handle processing of MSME loans, multiple BOTS were institutionalized within a day
eSign: Eco-friendly & completely paperless documentation.
For unsecured SME loan documents signing, both at Bank’s and at the customer’s end.
Benefits to the Bank
• Removes need for physical presence
• Eliminates cost of printing, scanning, overnight delivery, travel
• Eliminates risk of forgery
• Shorter Turn Around Time Benefits to the customers
• Customer can eSign from anywhere in the world
• Eliminates need to take a printout, sign, scan and courier documents

New Features
Keya Chatbot
• Ability to reschedule delivery of packages
• Live chat for Privy customers
• Added skills for New Products (Video KYC,
Payday Loan, NRI related)
• Used crowd sourcing to increase knowledge
base by 105%

Sovereign Gold Bond
Customers can apply to buy SGB on Mobile App

Video KYC
First bank to launch a zero-contact, completely digital video KYC account opening process.

Also read
Axis Bank’s FY 20-21, Q1: Digital banking numbers soar
ICICI Bank Q1 results: Transactions on Mobile banking rise 45%; merchant UPI jump by 458%