Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank, shares information on some of the pioneering digital initiatives launched by his bank. Kotak Mahindra Bank recently announced the launch of ‘Kotak Now’ – India’s first truly digital account opening process on mobile. ‘Kotak Now’ is an end-to-end digital process where verification of KYC documents and signature is done via a video call with the bank
Kotak has played a pioneer’s role in the digital banking space. In March 2014, Kotak launched ‘Jifi’, the first-of-its-kind social bank account that combines the power of social media with conventional banking. It was also the first bank in the world to offer Hashtag Banking, whereby customers can bank via Twitter. This was followed by ‘Kaypay’ – the world’s first bank agnostic instant funds transfer platform using Facebook and Social Commerce, which integrates social media banking with e-commerce.
In June 2015, Kotak launched ‘Kotak Bharat’, a multi-lingual mobile banking app which requires no internet connectivity. In 2016, to further strengthen its mobile banking features, KMB has become India’s first bank to offer booking of bus tickets on its mobile banking app. This innovation expands KMB’s travel suite on the app, which also includes flight tickets and hotel booking. Later this year, KMB also announced the availability of Flipkart’s mobile site in its mobile banking app, which gives the customer a secure in-app shopping environment.
Kotak Mahindra Bank recently announced the launch of ‘Kotak Now’ – India’s first truly digital account opening process on mobile. ‘Kotak Now’ is an end-to-end digital process where verification of KYC documents and signature is done via a video call with the bank.
Key digital initiatives Some of our key digital initiatives include:
We are India’s first bank to enable funds transfer without Internet connectivity, primarily targeted to benefit customers in the under-banked and un-banked regions, who can access its services in their preferred language.Considering this regulatory framework, the ‘inclusive digital banking’ app is primarily targeted to benefit customers in the under-banked and un-banked regions, who can access its services in their preferred language.
‘Kotak Now’ is India’s first truly digital account opening process on mobile. ‘Kotak Now’ is an end-to-end digital process where verification of KYC documents and signature is done via a video call with the bank. This is a complete end-to-end online account opening experience, without any need of physical interaction or biometric verification. The entire process is 100% paperless. The account opening process is simple, and takes only a few minutes. Once the Kotak Now app is downloaded, the prospective customer can upload KYC documents (PAN card, and either Aadhar Card or Passport), and the image of the signature. Thereafter, on entering a few personal details, the Customer Relationship Number (CRN) and Account Number is generated. The app automatically selects a branch closest to the customer’s address for correspondence. The account is activated, after a video call with a bank executive. Kotak has played a pioneer’s role in the digital banking space. ‘Kotak Now’ is yet another addition to Kotak’s long list of innovative digital initiatives.
KayPayis the world’s first bank agnostic payment product for Facebook users to send money to each other in an instant (24*7). For the first time ever, millions of bank account holders can now transfer money to each other at any hour of the day or night, without needing net banking, or knowing various bank account related details of the payee. KayPay enables over 250 million Indian bank account holders transfer funds to each other instantly by just choosing recipients from their Facebook friends list.KayPay offers a safe and secure platform to transact on the social networking site through a two-level authentication – Facebook user id & password and a One Time Password (OTP). Further, both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.
Jifi is first-of-its-kind fully integrated social bank account. Jifi transcends digital banking as we know by seamlessly incorporating social networking platforms like Twitter and Facebook with mainstream banking.Jifi customers receive account updates on Twitter as a Direct Message (DM) by simply tweeting to @KotakJifi with predefined hashtags. The bank’s dedicated Twitter handle @kotaksync will send out these messages, thereby eliminating human intervention and maintaining confidentiality. Jifi is designed for today’s tech-savvy audience to transact in a secure and simple manner without the need to move out of their digital comfort zone.
Designed to fit into the social networking ecosystem, Jifi’s loyalty point programme encourages high level of interactivity among account holders. Customers can earn transactional loyalty points for specific banking activities, and social loyalty points for inviting and adding friends to the Jifi network, liking/commenting on Facebook, etc. Further, each referral can also earn them social loyalty points. These points can be redeemed for offers and can also be transferred to friends who are part of their Jifi network.
In addition to transacting on social media platforms, customers can transact via net banking and Kotak Mobile Banking app. Further, Jifi customers get a free one-year subscription of Kotak MoneyWatch – a 360 degree view of users’ personal finances, which allows them to check their investments online.
Additionally, Kotak offers web and mobile apps and updates them on various offers. Jifi is a zero interest current account with no minimum balance conditions, and can be opened with an initial payment of just Rs. 5,000/-. All balances over Rs. 25,000/- automatically move into term deposits (TD) at applicable interest rates, giving high returns on idle money.
Opening a Jifi account is very simple, triggered by a self-invite by signing up via Facebook or email. Jifi customers have access to all conventional bank offerings as well: pan-India branch and ATM network, ‘Platinum’ debit card, all India toll free number, Net card & Net banking access etc.
Bus Booking via Kotak Mahindra Bank App
To further strengthen its mobile banking features, KMB has become India’s first bank to offer booking of bus tickets on its mobile banking app. Customers can now seamlessly book bus tickets for travel across India at discounted prices, without concerns of transaction failure. KMB offers secured checkout solution where customers can make payment directly from their bank account or using their credit card. This innovation expands KMB’s travel suite on the app, which also includes flight tickets and hotel booking.
Travel is the largest e/m-commerce segment accounting for over 60% of total transaction volume, and it continues to grow at a fast pace. We are focused on providing seamless travel solutions for customers within our app, thereby reducing transaction failure and offering secured checkout solution. In addition to flight and hotel bookings, customers can now book bus tickets on our mobile banking app at a discounted price. This innovation is in line with our philosophy of providing digital banking solutions that simplify day-to-day life.
Flipkart on Kotak Mahindra Bank’s mobile app
The availability of Flipkart’s mobile site in its mobile banking app gives the customer a secure in-app shopping environment. KMB has been expanding the scope of offerings on its mobile banking app, and this move further strengthens its mStore. Shopping on Flipkart via Kotak’s mStore has its advantages. Customers can shop seamlessly and check-out faster with choice of relevant payment options, as billing and delivery details are already available with KMB. Furthermore, in-app shopping reduces transaction failures, and allows them to track cancellations and refunds in the same window.