Kotak Mahindra Bank targets affluent clients with 'Solitaire' launch

Kotak Mahindra Bank is intensifying its focus on the affluent segment with the launch of its new offering – “Solitaire” – an exclusive invitation-only programme, which aims to offer top-tier privileges, access to advanced investment tools, and personalised services tailored for this customer base.

 

According to the bank, the eligibility hinges on salaried individuals maintaining a relationship value of ₹75 lakh with the bank, and ₹1 crore for self-employed individuals.

 

“It’s not about account balances—it’s about total relationship value across deposits, investments, loans, insurance, and demat holdings offered by the bank and it is calculated at a family level,” the bank said, adding that “Solitaire” is available by invitation only. “Customers are invited based on their relationship value and engagement across Kotak’s ecosystem,” the bank said.

 

The bank did a soft launch of this programme two and a half months back and has received encouraging response, it said.

 

“We have pivoted from a product-centric organisation to being a customer-centric organisation, and ‘Solitaire’ programme is our first scalable attempt to demonstrate that," said Rohit Bhasin, president – head of Affluent, NRI, and Business Banking, Kotak Mahindra Bank.

 

“It has been built across products that we have manufactured ourselves, and products that we distribute on behalf of our group companies and various other partners. We have got a dedicated team of relationship managers, who have been specially recruited and trained to manage this cohort of affluent customers, both who exist in the bank today, and the customers who we would acquire over the next few years,” he added.

 

According to him, less than one per cent of the bank's overall 53 million customers are from the affluent segment, and they contribute over 35 per cent of the overall business. The bank’s market share in the affluent segment is 4 per cent, as compared to its 2 per cent overall banking market share, and the aim is to grow beyond 4 per cent with offerings like “Solitaire”.

 

We have 4 per cent share in the affluent market. So, 96 per cent of the market is not with us, but with other banks. So, that’s the affluent ecosystem that exists. And it is growing at twice the rate of the non-affluent segment. Over the course of five years, we see a huge number of affluent customers being created, he said.

 

Under Solitaire, the bank is offering ₹8 crore pre-approved credit lines across home loans, personal loans, and credit cards. The Solitaire credit card will have no annual fees, and unlimited lounge access, zero forex markup among other things.

 

(Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd)