Kotak Mahindra Bank to use computer tablet to open new accounts

Kotak Mahindra Bank is likely to launch end-to-end account opening process through computer tablet in a month's time, according to the bank's Senior Executive Vice-President and Head of Branch Banking and Acquisition Virat Diwanji.

Addressing a press conference on Monday, Diwanji informed that the bank was currently in the midst of a trial-run of this upcoming initiative, under which a bank account can be opened at the customer's house through a computer tablet then and there. At present a bank's representative visits the house of a person, who wants to open an account only to collect the documents while the verification and the final process happen at the branch end.

With its focus on technology, Kotak emerged among the top three banks in terms of number of transactions that happen through mobile phones. About 40 per cent of the over all transactions of the bank have now moved to either mobile phones or the internet based platforms provided by it.

According to Diwanji, the customers would look for security and convenience when it comes to choosing a bank and the use of technology would enhance the customer experience on both the counts.

Responding to a question on the proposed merger of public sector banks (PSBs), he said the move was unlikely to bring any change in the competition space. In the interim period, however, the merger of PSBs may provide an opportunity to acquire new customers as people were likely to look for the banks that offer better customer convenience and security, he said.

Even while the interest rates are on downward trajectory, Kotak Mahindra Bank will continue to offer 6 per cent rate of interest per annum on savings account for balance above Rs 1 lakh and above, he said.

The bank's CASA (current account and savings account) deposits showed 40 per cent CAGR over the past five years owing to the higher rate of interest being offered by the bank, according to him.