While digitalization had become the need of the hour last year, it has now become the driving force for the Kotak Mahindra Bank:
Kotak Mahindra Bank has 4 strategic business units – consumer banking, corporate banking, commercial banking and treasury, which cater to retail and corporate customers across urban and rural India. As on 31st December 2021, Kotak Mahindra Bank has a national footprint of 1647 branches and 2609 ATMs. Elizabeth Venkataraman is Joint President, Marketing & Alliances at Kotak Mahindra Bank. She has been with the Kotak Mahindra Group since 2004.
Mehul Dani: How has the strategy for marketing, promotions of products & services been implemented in the current FY? What are the changes made compared to last year?
Elizabeth Venkataraman: The pandemic has been an unprecedented driver of digital transformation and uncertainty. Our consumers have evolved and the way they bank has changed significantly. Subsequently, our focus has been on aligning our marketing strategy with the constantly shifting consumer behavior and expectations, with an agile approach.
We are relentlessly monitoring the changes in behavioural trends through social media usage, brand tracking, consumer research and using this data to deliver a more relevant and personalised experience. The insights derived from the amalgamation of these data points and synergy amongst cross-functional teams with an omni-channel strategy helps us engage with our consumers in a seamless conversation, across touch points. Our intent is to support and build strong connection with our consumers through relevant and empathetic content that is user-centric and not product-centric.
While digitalization had become the need of the hour last year, it has now become the driving force for us.
How have the technologies been put to use for these by your company?
The integration of technology has enabled us to take our bank directly into consumers’ homes while ensuring engagement, convenience and unified brand experience across all touch points. In these evolving times, we, as marketers, require a deeper understanding of the motivations, behaviors and real-world patterns that can be gained through artificial intelligence and machine learning. We are capitalizing on these insights to deliver personalized communication and services to the right segment, through the right channel, at the right time. Through emerging technologies such as virtual reality (VR), we have also conducted multiple experiential activations creating unique brand experiences for our customers.
How strong is your organization’s presence in social media? What have been the online marketing & promotional efforts undertaken and planned?
People are now leading ‘digital first’ lives, using social media for distraction, comfort, ideas as well as guidance. Our focus has been on engaging with our consumers on social media, creating value and delivering positive experiences that make our brand more ‘human’. Digital marketing and influencer collaboration has also helped drive engagement and top of mind recall, aiding in customer acquisition. By encouraging conversations among the brand advocates on social media, we are able to develop deeper relationships with our consumers, while cutting through the noise.
Digital is here to stay. The focus for the next year will be to continuously adapt to new digital marketing trends and optimize the marketing strategy through a data-driven approach. Moreover, creating and delivering unique customer experiences at every stage of the interaction will be the key.
How have marketing & promotional initiatives contributed to increasing the business of the company in last 2-3 years?
Our increasing efforts towards integrated 360-degree marketing campaigns continues to give us multiple opportunities to create value and interact with our customers, wherever they are. Customer insights and a customer-centric approach helps us stay relevant to the customer. We believe that business will follow when things are done the right way. Digital marketing has also accelerated engagement and enhanced customer experience along with their expression of interest. A positive experience automatically translates into repeat interest and greater loyalty
