Kotak Mahindra Bank, a leading lender in India, has announced its plans to hire 400 engineers over the next 18 months as part of its ongoing efforts to accelerate its digital transformation. The bank has already recruited over 200 engineers in the past year from globally renowned companies such as Amazon, Twitter, Apple, JP Morgan, and Goldman Sachs.
Milind Nagnur, Group President & Chief Technology Officer of Kotak Mahindra Bank, explained that the bank is committed to enhancing its technology capabilities to provide customers with an exceptional digital experience. To achieve this, the bank is focusing on attracting top-class engineering talent and restructuring its talent strategy and operating model.
One notable change involves adopting a more modern approach to job titles. Instead of traditional banking roles, the bank is utilizing standard tech company structures such as Software Development Engineers, Principal Engineers, Software Product Managers, and Technical Program Managers. By doing so, Kotak Mahindra aims to create a contemporary workplace that appeals to new-age tech talent.
In addition to revamping job titles, the bank has also made changes to its HR policies to attract and retain technology talent. They have renovated their tech floor space, shifting from cubicles to an open floor plan. The bank has also expanded its presence by establishing hubs in Bangalore, Hyderabad, and Gurgaon, alongside its primary location in Mumbai. These new hubs enable the bank to tap into local technology talent pools and foster leadership across these regions.
Kotak Mahindra Bank has implemented a PODs (Product and Operational Delivery) structure, wherein small teams of six to eight members address specific digitization challenges. Each POD consists of a combination of software engineers, software product managers, and technology program managers. This beehive-like structure encourages collaboration and allows the bank to tackle individual problems efficiently while emphasizing engineering and operational excellence.
Furthermore, the bank has restructured its compensation policies, introducing stock appreciation rights. This move aligns with its goal of attracting and motivating top talent in the technology sector. Additionally, Kotak Mahindra Bank has adopted a hybrid work model, allowing employees to work remotely for three days a week.
When discussing the impact of generative AI on jobs, Nagnur emphasized that it currently serves as a means to enhance efficiency for senior developers. Generative AI, coupled with large language models, assists senior developers by offering automatic code completion. However, for junior developers and entry-level programmers, it may prove less efficient, as they need to possess the expertise to utilize these tools effectively.
Despite the potential drawbacks of generative AI, there is a high demand for technology professionals who can develop digital products. Kotak Mahindra Bank continues its hiring efforts, recognizing the importance of incorporating new AI tools to boost developers’ efficiency while meeting the growing demand.
In conclusion, Kotak Mahindra Bank is strengthening its digital capabilities by hiring a significant number of engineers and adopting a forward-thinking, talent-driven strategy. By attracting top-notch tech talent, implementing a modern operating model, and utilizing new AI tools, the bank aims to enhance its digital offerings and provide customers with an outstanding banking experience in the digital age.
