Founded in 2003, Kotak Mahindra Bank has now become one of the major banking and financing companies in the country. Their services include banking products and financial facilities as well for both corporate and retail customers in the following areas – personal finance, investment banking, life insurance, and wealth management.
When Did Kotak Mahindra Bank Get Digitized
The digital journey for Kotak Mahindra Bank started way back in 2015. Kotak Mahindra Bank had been a pioneer in the digital banking space when the format was trying to find its footing in the country upon launching to the public. They introduced products, namely, Jifi and KayPay. Both of them were quite successful for the bank.
Changes Due to Digitization
Jifi by Kotak Mahindra Bank is a fully-integrated social bank account. Upon launching the market target was the youth. Jifi is more than just digital banking as it seamlessly incorporates social networking sites like Twitter and Facebook with the regular banking system.
With Jifi customers can open a zero-interest current account with no minimum balance conditions. To open the account one needs an initial payment of Rs. 5,000. Accounts that have a balance over Rs. 25,000 automatically will move into term deposits at applicable interest rates.
Easy Sign Up
With digitization and partnering up with social media accounts, opening up a Jifi account is easy. One can open up a Jifi account with a self-invite. All they need to do is sign up through Facebook or email.
K V S Manian, the President of Consumer Banking at Kotak Mahindra Bank Limited said of the digitization, “Jifi is a unique digital account that integrates social media platforms like Twitter and Facebook for secure and seamless on-the-go information. With Jifi, the first-of-its-kind digital account, Kotak takes banking to the next orbit by providing a hassle-free proposition to tech-savvy persons who prefer to stay online at all times.”
Jifi also offers a loyalty point program. This program encourages a high level of interactivity when it comes to account holders. Account-holders can not only transact on social media platforms but also through net banking and the Kotak Mobile Banking App as well.
All Around Access
Customers who use Jifi have access to all the conventional offerings of the bank. These include pan-India branch and ATM network, “platinum” debit card, All India toll-free number, net card, and net banking access, amongst others.
“As far as the security features are concerned, if the Facebook or Twitter account of the customer i“As far as the security features are concerned, if the Facebook or Twitter account of the customer is hacked, then the hacker will be at the ablest to see the reward points of the customers and use those points. But they will not be able to do any transactions or check the bank balance of the customer. The customer’s banking details are fully secure and cannot be seen by the hacker. For transactions, the customer has to log in to net banking,” said Deepak Sharma, executive vice-president, and head-digital initiatives, at Kotak Mahindra Bank.
Success Story and Achievements Because of Digitalization
Customers now can control and manage their financial transactions through the mobile banking app of the bank. They can also use the Keya chat and voice bot and Whatsapp banking.
“We are ensuring the ceaseless flow of these platforms and also working hard towards adding additional skills in Keya Chatbot to support more queries and interactions.”, said Sharma.
Recently, Keya 2.0 has been developed. It is a bilingual voice bot that is available in both Hindi and English. It uses automated speech recognition, NLP, natural language understanding, and AI-based business logical reasoning. Keya 2.0’s library has been significantly boosted. It now includes over 100 use cases and 1,50,000 utterances. This has resulted in greater call accuracy and reduced call duration.
As per FY19 data, Keya 2.0 has the ability to recognize the intent of the customer’s query, However, if it is unable to for any reason, then the voice bot will connect the customer for human assistance. This will save almost one minute per call as it circumvents the erstwhile traditional IVR. Since it has been launched, the Keya chatbox has handled more than 3.5 million queries from over 1 million unique users with 93% accuracy.
These initiatives are leading Kotak’s digital-first organic growth strategy. This is driven by its ABCD charter.
A- AI enriched app
B-Biometric enabled Branch
C- Customer Experience, and
D- Data empowered Design
The situation today is a bit unprecedented with the customers focusing on daily needs. The bank has seen premium-brand marketers in BSFI and other industries that are leveraging digital to stay connected with their consumers. Businesses that have invested in the digital in the last 18-24 months have embarked upon a new digital wave.
Kotak Mahindra Bank announced the launch of KayPay in early 2021. It is the world’s first bank agnostic payment product for Facebook users to send money to each other in an instant,24×7.
Thanks to this service, millions of bank account holders can now transfer money to each other any time of the day or night without net banking or knowing all the details when it comes to the payee.
KayPay allows over 250 million bank users to transfer funds to each other instantly. All they have to do is choose their recipient from their Facebook friend list.
Kay Pay is a safe and secure platform to transact on the social networking site with the help of a two-level authentication – Facebook user-id & password and a One Time Password (OTP). A notification will be sent to both sender and receiver immediately about the transfer.
Users need to register their existing bank accounts, which participate in the
IMPS (Immediate Payment System) P2M Pull platform by National Payment Corporation of India, on Facebook or the website- http://www.kaypay.com. Currently, KayPay is free for all users. Additionally, there is no need for you to have an account with Kotak. Also, you can transfer the money anytime i.e., 24/7.
How to Transfer Money With KayPay?
Login to your Facebook account. Go to the “Games & App section”. Search for Kaypay app. (Or) You can visit kaypay.com directly. Login using your Facebook credentials.
In the next step, enter your Bank account details like Bank Name, Bank Account no, MMID (Mobile Money Identifier), Email address, and Mobile number.
Users of other banks’ accounts can also avail of this service. This service can be accessed by the account holders of around 28 banks.
You will receive an MMID number. Enter this 7 digit code in the Kaypay online form. After entering all the required details, you can transfer money instantly to any of your friends who are on Facebook.
You need to enter the OTP in order to complete the transaction. If the receiver of the money does not use KayPay, they will get a link/notification on Facebook to register for the same.
The receiver has to register his Bank Account in which he/she wants to receive the payment. However, if the receiver is already a registered KayPay user then all their funds are transferred immediately.
Both the receiver and the sender will get notifications upon the end of the transaction- a confirmation on their mobile phones.
What is the maximum amount one can send using Kotak’s Kaypay?
Kotak Mahindra Bank has a limit of Rs 2,500 per transaction. The limit for sending is a total of Rs 25,000 a month. While a beneficiary may also not get more than Rs 25,000 a month.
KMB has worked in unison with the Reserve Bank and the National Payments Corporation of India in order to implement this service.
Legacy and Future
Uday Kotak the chief of Kotak Mahindra Bank said that financial service sectors in India need to focus on sustainable growth. He believes that banks need to be relevant and update themselves as per changing demands in the future.
“We will not shy away from taking bolder bets”, said Kotak. They vowed to make higher investments in India’s digital and technology platforms, looking to make it more advanced and leapfrog quite a few years into the future.