Finastra and Kotak Mahindra Bank have won the Most Impactful Project in the Best Digital Channel / Platform Implementation category at the IBS Intelligence Global FinTech Innovation Awards 2023. This award recognizes our excellence in creating a unified corporate banking experience – Kotak fyn with Finastra's Unified Corporate Portal.
The Unified Corporate Portal is a digital solution that enables corporate customers to access various banking services, such as payments, trade finance, liquidity management, and treasury, through a single, seamless, and secure platform. The portal also offers a personalized and intuitive user interface, as well as advanced analytics and insights to help customers optimize their financial operations.
The deployment of the Unified Corporate Portal at Kotak Mahindra Bank was a collaborative and co-innovative effort between Finastra and the bank, leveraging agile methodologies, cloud technologies, and open APIs. Achieved in less than a year, this collaboration has boosted customer satisfaction, retention, and acquisition for the bank while also enhancing operational efficiency and stimulating revenue growth.
"Kotak fyn offers intuitive user journeys and persona-based access across a comprehensive suite of products & services, enhancing the overall experience for our customers. The simplified & integrated user interface not only reduces the complexity but also significantly improves the user engagement on the platform, setting new standards in the industry. Our collaboration with Finastra, culminating in a prestigious award is a testament to our commitment towards innovation and excellence in customer service,” stated Paritosh Kashyap, President and Head, WBG, Kotak Mahindra Bank.
Veena Rao, Head of Corporate Lending Product, Platform, and Technology, adds: “The Kotak fyn platform, powered by Finastra, is a game-changer in corporate customer service. It's a digital engagement platform that seamlessly integrates various banking products and services, offering convenience and accessibility. This award recognizes the collaborative spirit and innovative leadership of both Kotak and Finastra teams in achieving excellence in digital customer engagement.”
The IBSi Global Innovation Award showcases best practices and innovation in the banking technology industry. Finastra and Kotak Mahindra Bank have demonstrated their leadership and vision in delivering a cutting-edge digital solution that enhances the corporate banking experience for their customers.
Nikhil Gokhale, Director - Research and Digital Properties at IBS Intelligence congratulated Finastra and Kotak Mahindra Bank for their win in the category ‘Best Digital Channel/Platform Implementation: Most Impactful Project’. Gokhale said: “Finastra's collaboration with Kotak Mahindra Bank has resulted in the successful creation of Kotak fyn, a holistic digital platform specifically for corporate clients. Leveraging Finastra's expertise, Kotak fyn has rapidly gained popularity among over 40,000 corporate customers since its launch in 2022. The portal offers streamlined workflows, personalized features, and robust analytics that have enhanced their customers’ digital banking experience.”
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