Kotak Mahindra Bank launches ‘Kotak Now’ for paperless account opening via mobile

By : |September 22, 2016 0

Kotak Mahindra Bank today announced the launch of ‘Kotak Now’, an end-to-end digital process where verification of KYC documents and signature is done via a video call with the bank without any need of physical interaction or biometric verification.

Kotak Now aims to completely digitise banking by offering paperless account opening via mobile. Developed with the patented technology of Germany-based WebID Solutions, Kotak Now reduces the time involved in opening a bank account and also ensures data security.

CIOL Kotak Mahindra Bank launches ‘Kotak Now’ for paperless account opening via mobile

Once the Kotak Now app is downloaded, customers 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 are 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.

Currently, Kotak Now enables customers to open a Jifi account through this process. Other savings account variants will be introduced in a phased manner. Kotak Now can be downloaded from Google Play Store.

Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank, said, “About 50 percent of all transactions in the last few years have moved to digital channels like net banking and mobile banking. Additionally, most services are now being made available on-the-move to customers via these platforms. However, the account opening experience for Indian consumers was still a challenge and has thus far required a high level of manual effort from their end. Kotak Now is in-line with our mobile first approach and is a path-breaking step in making banking truly digital.”

Kotak Now is just another addition to Kotak’s long list of innovative digital initiatives. 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.

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