Kotak Mahindra Bank & Indiblogger organized Kotak jifi event at the Biere Club, Bangalore saw the launch of Kotak jifi account. It is a digital current account which offers easy access, hassle free transactions & many benefits. Through this banking has been redefined in social terms as updates can be received through twitter, social points/transaction points & you can refer freinds to open the account. A Facebook account is required to open the account. Social element of banking has been incorporated into Kotak jifi & perhaps this is for the first time in India, this has been done. Kotak’s Jifi will add a new dimension to the Indian banking business models. Liking, commenting, refer a friend & other activities will be beneficial for the first time in terms of social/transaction points & this would help users.
1) This type of account will provide First Mover Advantage to the Kotak Mahindra Bank as this is the first time in India a Bank is using social profiles to go for new accounts.
2) With Millions of Indian youths on Facebook, it will be easier for the bank to get new customers.
3) Future is mobile & online transactions. Both of these have been embedded into this Jifi account
4) Opening the account is easy & social/transaction points provide the advantage of attracting the youths.
5) This type of account provides the confidence for the users on the bank as the Bank has moved to a new era of social banking where no other bank has moved so far.
6) The bank has to use innovative strategies to sustain the momentum & make it a successful product.
Youths spend a majority of their time on Facebook/twitter/you tube, eCommerce shopping, mobile messaging & others. Youths have become the major customers in this net generation & tapping them through social media will provide first mover advantages to the bank. Right now the account is invitation only and can be funded online through Net Banking or a Debit Card transaction from your other bank account or through cheque. kotak jifi is currently available in Mumbai, Delhi, Chennai, Kolkata, Bangalore, Hyderabad, Pune, Coimbatore, Jaipur and Lucknow.You can connect your twitter account through jifi dashboard & can get bank account details. You can use tweet to ‘@kotakjifi’ with the corresponding hashtag for your request & you will get a DM to your twitter handle.
The launch at the Biere club was wonderful with great food, beer & twitter contest. Event was also held at Delhi & Mumbai with Chethan Bhagat joining from Mumbai. Google hangout was a great feature to interact with other bloggers.