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Kotak Mahindra launches app to open accounts

For the first time a domestic lender has come up with such facility where a customer can open a bank account using its application

Private lender (KMB) has launched an application ‘Kotak Now’ that would allow new customers to open an in a more simpler and cost-effective manner.

This is for the first time that a domestic lender has come up with such facility where a customer can open a bank using its application.

“This is an end-to-end application wherein a customer will be able to open a bank within 10 minutes, without worrying about visiting a branch or any other merchant,” Deepak Sharma, Chief Digital Officer, told reporters.

He further said that after downloading the application, the customer will have to enter their mobile number and then key -in a one-time password (OTP) to establish identity.

The customer will then have to get connect through a video chat with one of the KMB executives and the gets opened, he added. The bank tied-up with a German start-up ‘WebID’ which has a patented technology to establish identities through specially built algorithms and has already implemented it in 30 worldwide, Sharma informed.

Implementing the process will help the bank save at least 50 per cent on “up to Rs 3,000” spent on a new opening, he said, adding the expenses like deploying staff, couriering the papers and sending the welcome kit are saved, he said.

At present, the process has been implemented only for current accounts and will be soon expanded to other offerings, he said, adding the lender is targeting to open at least a fourth of the new accounts through this application in a year.

Sharma said WebID's technology has been approved by the German financial regulators and the application complies with the existing know-your-customer requirement of having a "face to face" interaction with the customer.

It can be noted that have been using the 'tab banking' method of sending a representative with a tablet to open accounts using the ecosystem.

Some like Singaporean lender DBS have tried to use mobile phone in a limited way where the customer has to visit a merchant location to complete the process.

Note: Kotak Mahindra and associates are significant shareholders in Business Standard Private Limited

image
Business Standard
177 22
Business Standard

Kotak Mahindra launches app to open accounts

For the first time a domestic lender has come up with such facility where a customer can open a bank account using its application

Press Trust of India  |  Mumbai 

Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai
Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai

Private lender (KMB) has launched an application ‘Kotak Now’ that would allow new customers to open an in a more simpler and cost-effective manner.

This is for the first time that a domestic lender has come up with such facility where a customer can open a bank using its application.


“This is an end-to-end application wherein a customer will be able to open a bank within 10 minutes, without worrying about visiting a branch or any other merchant,” Deepak Sharma, Chief Digital Officer, told reporters.

He further said that after downloading the application, the customer will have to enter their mobile number and then key -in a one-time password (OTP) to establish identity.

The customer will then have to get connect through a video chat with one of the KMB executives and the gets opened, he added. The bank tied-up with a German start-up ‘WebID’ which has a patented technology to establish identities through specially built algorithms and has already implemented it in 30 worldwide, Sharma informed.

Implementing the process will help the bank save at least 50 per cent on “up to Rs 3,000” spent on a new opening, he said, adding the expenses like deploying staff, couriering the papers and sending the welcome kit are saved, he said.

At present, the process has been implemented only for current accounts and will be soon expanded to other offerings, he said, adding the lender is targeting to open at least a fourth of the new accounts through this application in a year.

Sharma said WebID's technology has been approved by the German financial regulators and the application complies with the existing know-your-customer requirement of having a "face to face" interaction with the customer.

It can be noted that have been using the 'tab banking' method of sending a representative with a tablet to open accounts using the ecosystem.

Some like Singaporean lender DBS have tried to use mobile phone in a limited way where the customer has to visit a merchant location to complete the process.

Note: Kotak Mahindra and associates are significant shareholders in Business Standard Private Limited

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Kotak Mahindra launches app to open accounts

For the first time a domestic lender has come up with such facility where a customer can open a bank account using its application

For the first time a domestic lender has come up with such facility where a customer can open a bank account using its application
Private lender (KMB) has launched an application ‘Kotak Now’ that would allow new customers to open an in a more simpler and cost-effective manner.

This is for the first time that a domestic lender has come up with such facility where a customer can open a bank using its application.

“This is an end-to-end application wherein a customer will be able to open a bank within 10 minutes, without worrying about visiting a branch or any other merchant,” Deepak Sharma, Chief Digital Officer, told reporters.

He further said that after downloading the application, the customer will have to enter their mobile number and then key -in a one-time password (OTP) to establish identity.

The customer will then have to get connect through a video chat with one of the KMB executives and the gets opened, he added. The bank tied-up with a German start-up ‘WebID’ which has a patented technology to establish identities through specially built algorithms and has already implemented it in 30 worldwide, Sharma informed.

Implementing the process will help the bank save at least 50 per cent on “up to Rs 3,000” spent on a new opening, he said, adding the expenses like deploying staff, couriering the papers and sending the welcome kit are saved, he said.

At present, the process has been implemented only for current accounts and will be soon expanded to other offerings, he said, adding the lender is targeting to open at least a fourth of the new accounts through this application in a year.

Sharma said WebID's technology has been approved by the German financial regulators and the application complies with the existing know-your-customer requirement of having a "face to face" interaction with the customer.

It can be noted that have been using the 'tab banking' method of sending a representative with a tablet to open accounts using the ecosystem.

Some like Singaporean lender DBS have tried to use mobile phone in a limited way where the customer has to visit a merchant location to complete the process.

Note: Kotak Mahindra and associates are significant shareholders in Business Standard Private Limited
image
Business Standard
177 22

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