Kotak’s marketing shift: From Solitaire to scalability

Kedarswamy Ravangave, head of marketing for consumer and commercial banking at Kotak Mahindra Bank, is not the stereotypical banker. When we meet, he is in a plain t-shirt and jeans, looking more like a start-up founder than a corporate executive.

The relaxed attire is more than personal choice—it signals a wider shift in the persona of marketing within BFSI. The industry has moved from being business-adjacent to sitting at the centre of strategy, shaping customer journeys in real time.

Marketing in BFSI, once considered routine, has become integral to business strategy. Ravangave believes it is time to discard the old image of slick, suited bankers. “It’s time to shake those perceptions and think of BFSI in a very different way,” he said.

He draws parallels with consumer tech and e-commerce, arguing that BFSI is now at the same juncture, anticipating consumer needs rather than merely selling products. Instead of asking whether a customer is eligible for a loan, banks now position themselves as enablers: you’re already successful, how can we play a role?

This change is visible in Kotak’s content and campaigns. Ravangave insists that representing customer value starts with how marketers carry themselves, both in the boardroom and outside. The jeans and t-shirt are part of that message: marketing is no longer about hierarchy but about relevance.

Designing for affluent customers

At Kotak, this shift is evident in how marketing has been retooled—from insight-driven products to technology-enabled scalability and outcome-focused media spends. A prime example is Solitaire, the programme launched in July 2025 for Kotak’s wealthiest clients. The by-invitation initiative offers bespoke services, advanced investment tools and premium privileges.

Eligibility requires salaried customers to hold a relationship value of INR 75 lakh, while self-employed individuals must maintain INR 1 crore. The calculation spans deposits, loans, investments, insurance and demat holdings at a family level, with invitations extended based on engagement across Kotak’s financial ecosystem.

 

 

 

 

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Before launch, Kotak’s team spent time with affluent customers to understand what truly defined success for them. One client highlighted that while lounge access during business trips was useful, he cared more about whether his family enjoyed the same privileges while travelling together. That insight reframed success not as individual achievement but as shared experiences.

This thinking shaped Solitaire’s proposition: could family members also access business-class upgrades, or avoid forex charges while shopping abroad? Working backwards, the bank designed benefits that reflected these needs.

The communication strategy mirrored this personalisation. Instead of brochures, Kotak created 80,000 bespoke videos with dynamic scripts tailored to each customer’s journey. Relationship managers could log into a portal, input customer details, and download customised content.

“That’s where tech has enabled us in understanding and serving the consumers,” Ravangave said. “If you are talking to an HNI customer, you want the pitch to be delivered in a certain way.”

Large language models (LLMs) also played a role. Earlier, clustering customer data required months of work. Today, Kotak can generate accurate segments within minutes, identifying patterns across databases. Ravangave calls this a game-changer, enabling personalisation beyond HNIs to mass-market products. “If technology can do that at scale, then it’s our first port of call,” he said.

Still, balancing personalisation with simplicity remains a challenge. Not every customer has a relationship manager, especially in smaller towns. Kotak is now experimenting with technology-driven recommendations that bring tailored services to broader audiences, effectively democratising what was once reserved for premium segments.

Borrowing from e-commerce

Ravangave’s past roles at Amazon and Marico have shaped how he approaches banking. At Amazon, marketing revolved around monthly and daily active users (MAUs), (DAUs) and cross-selling, while in banking, trust and lifetime value take precedence.

“Earlier marketing was measured on brand equity. It then shifted completely to scale metrics like MAUs and DAUs. Now, it’s a combination,” he said.

He outlines three levels of measurement: input (impressions, CTRs, views), output (brand health), and outcome (consumer relevance and lifetime value). For Solitaire, the outcome was not impressions but whether affluent leads qualified and converted. “Looking at it in conjunction with the lifetime value that you’re able to create or not should define whether the input metric, or even CAC, is good or not,” he argued.

The industry, he admitted, is still adjusting to full-funnel measurement. Kotak is already orchestrating omnichannel metrics, tracking not just visibility but conversions and long-term value across platforms.

Cross-selling is another area where Kotak is adapting lessons from e-commerce. “Banking has a very huge base but has seen very little cross-selling, unlike e-commerce which thrives on it,” he said.

Now, Kotak is applying Customer Lifecycle Management (CLCM), ensuring every email, transaction and notification is personalised. Millions of customised videos are being created within minutes using in-house tech models.

Complex products may still require a relationship manager, especially outside metros, but simpler interactions are increasingly handled digitally. Even WhatsApp and email, he noted, can serve as relationship managers. Trust, meanwhile, is built not just through local language communication but by embedding marketing into cultural contexts. Kotak’s alliance team organises hyperlocal events across cities, marrying digital precision with community-level engagement.

Outcome-first media strategy

Kotak’s approach to media planning has also undergone a significant shift. A month ago, the bank consolidated its integrated media mandate with Dentsu X. The move, Ravangave said, was about moving away from channel silos towards outcome-based strategies.

“The moment you start looking at building an outcome-based planning, you need a lot of depth in how you look at data and use that data to inform your choices,” he explained.

The Dentsu partnership has three objectives: build outcome-based planning models, collapse marketing into full-funnel orchestration, and embed technology as a core partner. Consolidation has also created scale efficiencies. “Earlier, we were on air for 12 or 13 weeks in a year. Now, the same investment gets us to roughly 35 weeks,” he noted.

Kotak’s digital ad spends underline this transition. Since 2020, spends have risen 11-fold, with digital now accounting for 60% of the overall budget. “Our approach is really outcome backwards,” Ravangave said. “We are not digital only; we are digital first and digital dominant. But other channels continue to be important.”

This outcome-first approach shapes media mix choices. In rural areas, trust remains the goal, achieved through cultural participation and local events. In metros, digital-first activations dominate. By flexibly shifting investments, Kotak balances scale with precision.

Campaigns reflect this duality. The ‘Hausla hai to ho jayega’ (If you have faith, it will get done) movement was broad-based, tapping into the optimism of Indians seeking access rather than permission. It used OOH, press, events, digital, and television.

Solitaire, by contrast, focused on 20–25 million affluent Indians with precision-led campaigns, driven by real-time data signals and personalised communication. Both underline Kotak’s dual strategy: building wide-reaching narratives while delivering personalisation at scale.

Redefining BFSI marketing

Looking ahead, Ravangave envisions banking as an omnichannel experience where customers rarely need to visit branches. Data mapping, social listening, and predictive tools will drive this shift, ensuring conversations and conversions remain consistent across touchpoints.

Indians, he argues, no longer want to be told whether they qualify for products—they expect access by default. “This emboldened Indian is basically saying, just give me access and I’ll figure it out, and don’t be the gatekeeper,” he said.

Kotak’s marketing journey, from hyper-personalised launches like Solitaire to mass campaigns such as ‘Hausla’, reflects the sector’s transformation. Marketing is no longer a support function; it shapes products, builds trust, and defines outcomes. The industry’s old imagery—polished bankers selling predefined products—has given way to marketers in jeans, armed with insights, data, and scalable tech.

The lesson is clear: BFSI brands that anticipate consumer needs and personalise at scale will drive the next phase of growth. As banking borrows from e-commerce and consumer tech, its identity will shift from eligibility and permission to access, trust, and participation. For Kotak, and for Ravangave, this is not a side project—it is the future face of banking in India.