As chief digital officer of Kotak Mahindra Bank, Deepak Sharma has been instrumental in driving the bank’s digital transformation, future-ready initiatives, and business model innovation strategies. Leading from the front, Sharma has implemented various innovative technology projects such as WhatsApp Banking, 811, conversational banking bot, and open and connected banking.
In a wide-ranging interview with CIO.com, Sharma discusses, among other aspects, his achievements, leadership style, and the trends shaping the banking industry.
Why and how did you decide to get into technology?
Sharma: I was fortunate to work across diverse roles and firms starting with the first wave of telecom in the mobile/cellular space and thereafter into banking and financial service. I have been a business builder and product person and realised that great products and experience can’t be created without technology. As I was setting up the NRI banking and remittance platform in 2010, I started getting involved with technology. My role needed setting up remittance portal, online account opening, online digital service, and support and digital marketing capability. One thing led to another and as I moved into the role of a chief digital officer, I got the opportunity to work deeper with technology folks in setting up digital platforms, process automation, innovation, wealth and paytech, and incubating and scaling up of new stacks such as open banking, India stack, etc. So subconsciously, over a period, I got more embedded in the technology landscape.
What has been your greatest career achievement to date, and what makes that achievement stand out for you?
Sharma: It is difficult to single out any one achievement. I’m fortunate to be a part of the growth story of Kotak Mahindra Bank, which has a strong digital-first focus. Some of the things that stand out in this journey include the launch of multiple digital-first products platforms such as launching and running multiple digital channels like mobile app, website, WhatsApp, and conversation AI. Our mobile app is among the highest-rated flagship app. This apart from helping build many industry firsts such as 811 Digital Bank, wealth platform Cherry, digital account opening with video KYC [know your customer], API and open banking, innovation lab and design studio will be the highlights of this journey.
