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Kotak Mahindra Bank targets affluent clients with 'Solitaire' launch
According to the bank, eligibility is based 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 conducted a soft launch of the programme two and a half months ago and said it has received an encouraging response.
'We have pivoted from a product-centric organisation to being a customer-centric organisation, and the '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 a dedicated team of relationship managers who have been specially recruited and trained to manage this cohort of affluent customers—both those who exist in the bank today and those we will acquire over the next few years,' he added.
According to him, less than 1 per cent of the bank's overall 53 million customers are from the affluent segment, yet they contribute over 35 per cent of the bank's overall business. Kotak's market share in the affluent segment is 4 per cent, compared to its 2 per cent share of the overall banking market. The bank aims to grow beyond 4 per cent with offerings like 'Solitaire'.
'We have a 4 per cent share in the affluent market. So, 96 per cent of the market is not with us but with other banks. That's the affluent ecosystem that exists, and it is growing at twice the rate of the non-affluent segment. Over the next five years, we see a huge number of affluent customers being created,' Bhasin said.
Under 'Solitaire', the bank is offering ₹8 crore in pre-approved credit lines across home loans, personal loans, and credit cards. The 'Solitaire' credit card will feature no annual fees, unlimited lounge access, zero forex markup, among other benefits.
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