Kotak Mahindra Bank recognised for its single tool for all modes of transfer as it wins the award for Best Productivity, Efficiency, Automation and Initiative, Application or Programme at The Asian Banker Business Achievement Awards 2019
- Addressing key customer pain points of receiving inwards from multiple online modes
- Easing reconciliation through Smart Collect
- Efficient management of funds by corporates
Bangkok, May 30th 2019- Kotak Mahindra Bank received the award for Best Productivity, Efficiency, Automation & Initiative, Application or Programme at The Asian Banker – Business Achievement Awards 2019. The award ceremony was held in conjunction with the prestigious Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La Hotel, Bangkok, Thailand.
In the picture: In the picture: Mathew Welch and Bill Chua; International Resource Directors, Siddharth Chandani; Researcher; The Asian Banker with Mr. Shekhar Bhandari- Business Head for Global Transaction Services and Precious Metals; Kotak Mahindra Bank; India
Addressing key customer pain points of receiving inwards from multiple online modes
The implemented solution caters to corporate clients of Kotak Mahindra Bank who were receiving inwards through multiple online modes, but weren’t willing to opt for virtual accounts or hassle of maintaining remitter codes. As such huge volumes of inward transaction for large corporates drove Kotak Mahindra Bank to launch a solution which makes reconciliation of receivables received through IMPS/RTGS/NEFT, India’s instant domestic payment modes, easier and through a single tool for all modes of transfer.
Easing reconciliation through Smart Collect
Smart Collect, which merges all tools and eases reconciliation of funds for clients through India’s instant domestic payment modes, allows corporates to view counterparty bank account and remittance information available at the point of reconciliation of transactions. What’s more, the solution works across a multiple industry with biggest use cases for corporates having large number of inward transactions.
Efficient management of funds by corporates
For corporates, reconciliations of transactions have become much simpler and it has helped them become more efficient in managing funds. Additionally, the implemented solution has also shown to increase transaction throughput and current account balances significantly across various sectors, thereby helping routine flows and in improving stickiness.
The Frictionless Transaction Awards recognised both traditional and non-traditional players providing outstanding customer-centric solutions, connections and access channels to users of transaction services that were creatively designed to give better user experience, efficiency, speed, flexibility and cost effectiveness. The winners of this award underwent a stringent evaluation at the regional level to emerge as the most ‘frictionless’ initiative, application or programme. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/transactionawards/index.php.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
For all Business Achievement Awards 2019 photos, please visit https://bit.ly/2WcifTO
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker