Kotak Mahindra Bank (HQ: Mumbai, India) offers a variety of banking products and financial services to corporate and retail customers in areas such as personal finance, general insurance, wealth management, investment banking and life insurance.
As one of the largest private banks in the country in terms of market capitalization, Kotak Mahindra Bank is nifty enough to adopt best practices to retain its position – one of which has been effectively leveraging Artificial Intelligence (AI) for performance analysis, generating mobile banking and net banking penetration reports and portfolio analysis. Let’s dive deeper into each.
- Performance analysis
Prior to adopting the AI-based, Natural Language Generation (NLG) platform PHRAZOR, Risk Managers at Kotak Mahindra Bank were presented with quarterly reports, that contained tables, charts and graphs, intended to highlight their performance during the quarter. However, these were not only difficult but also time-consuming to comprehend and couldn’t do much to provide proper insight into the Risk Manager’s performance. With PHRAZOR now integrated with their systems, the reports include crisp narratives, coupled with statistical summary. This facilitates quick understanding and faster decision making.
Fig. 1.1: Snapshot of RM performance report for Kotak Mahindra Bank generated by PHRAZOR
- Net and Mobile Banking Penetration Report
With the advent of internet banking, the focus has been to shift the client base to the digital platform. While it is important to have a user-friendly, secure and robust application in place and widen its reach, it is also crucial to track its acceptability and arrive at action points based on that. PHRAZOR, which doubles up as a business analytics platform, springs into action in this case. Given structured data as input, it can analyze and present the patterns observed – namely, the percentage change in the number of mobile and net banking users spread out over a certain time-line, various geographical locations, etc.
Fig 1.2: Snapshot of Net and Mobile Banking penetration report for Kotak Mahindra Bank generated by PHRAZOR
- Portfolio Analysis Report
Wealth management and investment banking being the two major services provided, Kotak Mahindra Bank aims to bring value to clients and help them manage their money better. Although its highly skilled asset managers take care of it, the challenge lies in educating the clients about their financial health and investment status. Most clients have a difficult time in understanding finance-related jargon, the graphs and numbers on their periodic portfolio report and need to rely heavily on agents to do it for them. With PHRAZOR presenting all that they need to know in a simpler language, client satisfaction with the bank has shot up as they feel more involved and well informed with respect to their personal growth. The platform also provides investment related recommendations, after close analysis of market performance.
Fig 1.3: Portfolio Analysis report for Kotak Mahindra Bank client generated by PHRAZOR
Fig 1.4: Investment recommendation provided by PHRAZOR for Kotak Mahindra Bank client