Kotak Mahindra Bank seeks digital creative agency

In a move to modernise and deepen its connection with India’s digitally-savvy consumers, Kotak Mahindra Bank has launched a request for proposal (RFP) to onboard a digital creative agency. As the banking sector in India continues its pivot toward digital transformation, Kotak is aiming to make finance not just accessible but also engaging, particularly for the country’s growing segment of aspirational customers.

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 winning agency will need to develop narratives that stand out and inspire, moving beyond traditional BFSI marketing. Interested agencies have been asked to submit a vision for the future of digital marketing in the financial sector, along with portfolios showcasing relevant work, case studies, and a focus on data-driven creativity.

Kotak Mahindra Bank’s digital-first approach is underscored by its recent media mandate pitch from July, with an estimated budget of INR 100-150 crore, prioritising digital channels for 60% of its marketing spend. This follows a legacy of digital focus; since 2013, Wavemaker (formerly Maxus) has been handling the bank’s media mandate.

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.