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Kotak Mahindra Bank on Wednesday announced the launch of ‘Kotak Now’ — a digital account opening process on the mobile.
This is said to be the first end-to-end digital process where verification of customer documents and signature is done via a video call with the bank.
The whole process will take 7-10 minutes, Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank, said.
While customer convenience and improving their experience have guided the initiative, there is also a considerable cost saving for the bank.
Cost saving Currently, the account opening process can cost ₹2,500-3,000 per customer.
This includes the cost of the welcome kit plus various apportioned administrative costs. This will now be halved with the digital solution, Deepak said. He said that this initiative was developed with patented technology from German partner WebID solutions.
Deepak said that customers are increasingly getting more comfortable with operating only through their mobile.
He said that based on Kotak Bank’s data, the number of customers logging in through the mobile had in two years reached the same level as customers that the Net took 13 years to reach.
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