Kotak Mahindra Bank (KMB) is looking at reaching a customer base of one lakh for Fyn, its holistic digital platform built exclusive for business banking and corporate clients, by the end of the current financial year.

Shekhar Bhandari, president, global transaction banking and new age business, KMB, said : ” Kotak Fyn (for your needs) was launched during April 2023. In the first five months, we have onboarded 40,000 corporate customers and will be adding another 60,000 by the year end.”

It is a one stop digital platform that takes care of all business banking needs of corporate customers such as account services, trade, collections, account services, loans and payments through all channels such as mobile, API and web on 24×7 basis.

In the first five months, Kotak Fyn has recorded 550,000 trade transactions valued at Rs 26,100 crore. For the full year, it hopes to have 100,000 customers doing a total business transaction of Rs 1 trillion, he said.

“At present, we are the only bank to offer a holistic digital platform built exclusive for business banking and corporate clients. It took us 24-months to develop this portal,” he said adding that currently there are no matching products in the market.

“We call it a game changer that has helped corporate India to bring down its cost of funds by 14%. This has also saved time with 60% reduction in processing time on remittances processed via Kotak Fyn,” he said.

Bhandari  said that the endeavour is to allow all its customers universal access across trade, collections, account services, loans and payments through all channels like mobile, API and web enabling a seamless customer experience.

On being asked how they are planning to add more number of clients to Kotak Fyn, he said they have been conducting roadshows in major cities to create awareness. In Chennai, they will be meeting top 150 clients. Their target audience include factories, small shops, MNCs, NBFCs, insurance firms, mutual funds and IT services.

“Chennai has been a focused market for us. It ranks among the top 5 for the bank and the major contributors are Saas, automobile, hardware, data centres and large manufacturing firms,” he added.