23 September 2016 Current Affairs GK: Kotak Mahindra Bank has launched 'Kotak Now', the country's first digital account opening process on mobile. The end-to-end paperless, digital process involves verification of KYC documents and signature via a video call with the bank. No physical interaction or biometric verification is required and the account opening requires only a few minutes.
Download the Kotak Now app, upload your KYC documents (PAN card, and either Aadhaar card or passport), and the image of the signature. Then, you are required to put in a few personal details, and the Customer Relationship Number (CRN) and Account Number are generated. The app will automatically select a branch closest to your address for correspondence. The account is activated after a video call with a bank executive. The app can be downloaded from Google Play Store.
About 50% of all transactions in the last few years have moved to digital channels like Net banking and mobile banking. Most services are now being made available on the move to customers via these platforms. 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 has been developed with the patented technology of Germany-based WebID Solutions and reduces the time involved in opening a bank account, also ensuring 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.
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