In an attempt to connect to the net-savvy and socially connected customers, the private sector lender Kotak Mahindra Bank on Monday announced the launch of Jifi Saver, a savings bank account which can be managed via social media platforms like Twitter and Facebook.
To tap the growing e-commerce industry in the country and increasing users of social media platforms, Kotak Mahindra Bank will provide basic services like inquiry for balance, last few transactions, chequebook demand among a total 21 services under the name "Hashtag Banking (#banking)". Besides the normal banking services, the bank will also offer additional transaction points for purchase from select ecommerce partners to lure customers.
"Jifi Saver will take care of customers' needs such as online shopping, on-the-go transactions, financial planning, etc. It also offers all benefits and functionalities of a regular savings bank account," said Deepak Sharma, executive vice-president and head- digital initiatives, Kotak Mahindra Bank.
Interestingly, the bank has seen rapid rise in online banking as about 40 per cent of its existing bank customers are using online banking.
However, use of social media in the banking operations is the first such attempt by any bank in the country. "Before launching, we had done extensive research and testing for a secured technology platform. Financial transactions can't happen through Twitter or Facebook. For that, one has to come to Bank's system, which is having multi-layered security. Hence, there is zero possibility of losing a single rupee while doing banking through Jifi Saver account on social media platforms," said Sharma adding that the product was passed after scrutiny by experts from the Reserve Bank of India (RBI).
"With Jifi it will be easy to recharge mobile and DTH recharge via Twitter. We are the first bank in the world to offer banking service using social networks," Sharma said.
Jifi Saver is presently available in 27 cities in the country, these include mainly those cities with high digital penetration. In Gujarat the bank will offer services in Vadodara, Surat and Rajkot besides Ahmedabad.