Kotak Mahindra Bank links current accounts to Twitter

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Digitally-savvy customers of private lender Kotak Mahindra Bank will soon be able to check their balance and do a host of non-financial services transactions using the microblogging website Twitter.
The bank today launched a new current account product directed at the younger lot that will enable the account holders to undertake 21 such services like cheque book requisitioning, checking last few transactions, etc, using their Twitter accounts.
"All you need to do is to use the dedicated hashtags (#) for the activity you want to do. We have integrated all our systems with our core banking software and can seamlessly throw up the required result into the account holder's Twitter handle as a direct message," Kotak's consumer banking head KVS Manian told reporters here.

The account christened 'Jifi', also involves a host of loyalty-based reward points accrued from merchant transactions carried out using the account, referrals made and 'sharing and commenting' of tweets/updates.
The reward points--classified as transactional and social -- can be redeemed for discounts with select online merchants or also transfered to friends, he said.
The account can be opened by a self-invite either via Facebook or an e-mail, the bank said, adding that existing account holders can also get a new account opened.

The bank is starting with 11 cities across the country, which witness a high traction for its online banking facility and will gradually take it to other cities.

"Since the past one year that we launched the online account opening facility for savings accounts, it is contributing 6-7 per cent of the new accounts. In the next year, I expect the number to go up to 15 per cent," he said.
Manian, however, did not give an explicit number of accounts it is targeting to get opened under the new account.
When asked for the reasons as to why it chose the current account platform over the savings account, which is generally associated with households, Manian said for the target constituency, the interest of 6 per cent offered on the savings account is not as important as the benefits from the loyalty programme.

Manian also said the bank will soon start Aadhar-based e-KYC account opening scheme.