Indian private sector lender Kotak Mahindra Bank has introduced its open banking platform in a bid to encourage innovation and development of customer-centric solutions.
The new open banking platform will be driven by developer portal to make the bank’s application programming interfaces (APIs) available to fintechs and developers.
Kotak Mahindra Bank chief digital officer Deepak Sharma said: “Kotak’s Open Banking platform is designed to foster collaboration and innovation, and address real customer issues by creating frictionless and convenient products and services.
“The platform will present APIs as a new medium of interaction between our bank and enterprises, fintechs and app developers, further deepening our relationship with these partners, and growing the potential for original ideas.”
Kotak open banking platform:
The platform is designed to provide a collaborative system for fintechs and developers with the bank. It will provide open access to all associated parties and develop customised offerings to meet customer requirements.
Offering Kotak’s APIs for lending and payment products, the platform has been made live with 30 partners.
In addition, more than 40 developers are now currently undergoing integration process.
Kotak Mahindra Bank senior EVP and group CTO Aruna Rao said: “The API Manager provides a technical and governance framework to securely enable the exponentially expanding API world.
“It facilitates collaboration between banks, merchants and the developer community to support rapid innovation.
“Given the constantly evolving customer preferences for financial services, banks and financial technology companies must recognise the growing power of a collaborative ecosystem.”
The launch of open banking initiative forms a part of the Kotak’s digital-first organic growth strategy.
As a part of its strategy, the bank already rolled out 811, Kotak Remit and blockchain-enabled trade finance products.