Kotak launches digital account opening via mobile with 'Kotak Now'

India's first truly digital account opening process 'Kotak Now', enabling customers to open their bank accounts through smart phones, has been launched by the Kotak Mahindra Bank

The end-to-end digital process will verify the KYC documents and signature via a video call with the bank and would require no physical interaction or biometric verification. The entire process is 100 percent paperless.

The account opening process is simple and takes a very less amount of time.

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.

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 Now' is in sync with Prime Minister Narendra Modi's vision of 'Digital India'.

While majority of banking transactions have already gone digital, 'Kotak Now' aims to completely digitise banking by offering paperless account opening via mobile.

Deepak Sharma, the Chief Digital Officer of 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."

Adding, "However, the account opening experience for Indian consumers was still a challenge, and has thus far required 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', developed with the patented technology of Germany-based WebID Solutions, reduces the time involved in opening a bank account and also ensures data security.

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.