Kotak Mahindra Bank has initiated a request for proposal (RFP) to onboard a digital creative agency, marking a strategic move to strengthen its connection with India’s increasingly tech-savvy population. This effort aligns with the bank’s commitment to embracing digital transformation within the financial sector and catering to the aspirations of modern consumers. As India’s banking industry continues to evolve digitally, Kotak aims to go beyond accessibility by delivering finance solutions that are engaging and customer-centric. The initiative is targeted at appealing to the country’s growing segment of young, aspirational consumers who value convenience and innovation in their financial interactions.
The search for a digital creative partner underscores Kotak’s dedication to crafting impactful campaigns that resonate with its audience and enhance the brand’s digital footprint.
According to Kedarswamy Ravangave, Executive Vice President of Marketing at Kotak Mahindra Bank, the ideal agency partner will be one that understands how to push the boundaries of traditional banking, financial services, and insurance (BFSI) communication with creative, trend-driven approaches. “This is more than an RFP—it’s a chance to lead the way in how finance is communicated and engaged with in India,” he noted. He added that Kotak is looking for innovative digital strategies that redefine the way financial services are presented. It is targeting agencies with expertise in digital innovation and social media relevance—partners capable of turning financial communication into something relatable and embedded in daily life.
The selected agency will be tasked with crafting standout narratives that break away from traditional BFSI (banking, financial services, and insurance) marketing approaches, aiming to inspire and engage audiences in new and meaningful ways. To secure the mandate, agencies must present a bold vision for the future of digital marketing in the financial sector, backed by portfolios featuring relevant work, impactful case studies, and a strong emphasis on data-driven creativity.
Kotak Mahindra Bank’s commitment to a digital-first strategy is evident in its marketing priorities. Earlier in July, the bank invited pitches for a media mandate worth an estimated ₹100-150 crore, allocating 60% of the budget to digital channels. This reinforces Kotak’s focus on digital innovation, a legacy that began with Wavemaker (formerly Maxus) managing the bank’s media mandate since 2013.
By placing digital engagement at the forefront of its marketing efforts, Kotak Mahindra Bank aims to redefine how financial services connect with India’s dynamic and tech-savvy consumer base.
Today’s banking landscape is increasingly digital, offering convenience, accessibility, and personalised service. For Kotak and its peers, digital marketing presents a powerful way to connect beyond geographical constraints, reaching a broader and potentially new customer base. A recent Fujitsu survey highlighted that 89% of financial companies are now working on digital transformation, illustrating a widespread shift in the sector towards more customer-centric, technology-enabled journeys. This shift allows banks to focus on strengthening digital engagement while creating opportunities for personalised customer experiences.
Kotak Mahindra Bank’s customer base grew to 5.1 crore, as of June 30 2024, up from 4.3 crore the year before. As customers visit branches less frequently, Kotak and other banks are leveraging digital channels to maintain strong customer engagement. However, with an expanding array of digital platforms, choosing the most effective methods to capture attention remains a challenge for financial marketers. Targeted social media campaigns, informational content, and innovative engagement strategies are now essential to cut through the noise.
Kotak Mahindra Bank, established in 1985, has a strong legacy as India’s first non-banking financial company to convert to a bank in 2003. The bank recently reported a 5% year-on-year rise in standalone profit after tax (PAT) for Q2FY25, reaching INR 3,344 crore, with net interest income (NII) also rising 11% YoY to INR 7,020 crore. As Kotak prepares for a new chapter in digital engagement, the chosen agency will be instrumental in shaping a forward-thinking brand presence, as well as the future of finance communication in India. This RFP signals the financial institution’s intent to keep pace with rapid industry changes and adapt to a digital-first landscape that resonates with modern consumers.
