One-page Banking Experience
Banking Frontiers|September 2021
Kotak Mahindra Bank acquires about half a million customers digitally every month, powered by extensive use of AI and internet:

Deepak Sharma shares that Kotak Mahindra Bank has enabled rich push notifications through images

Kotak Mahindra Bank’s mobile banking app continues to be one of the highly-rated banking apps in India. Deepak Sharma, President & Chief Digital Officer, explains: “With over 200 features, we continuously update the app to introduce new and innovative features. We recently launched the ‘Pay Your Contact’ feature, which allows customers to send money or make payments through UPI to any of their contacts across all apps just by entering the beneficiary’s mobile number. Further, it enhances security since fund transfers and payments to any UPI ID can be done from the safety of the app itself. Customers need not bother about downloading multiple payment apps on their phone.”

In addition to this, KayMall is Kotak’s marketplace for value added services (VAS). It offers an array of services from ticket booking and medicine shopping to shopping on e-commerce platforms like Flipkart, Amazon etc.”

CARD TRANSACTION CONTROL

Kotak Mahindra Bank has enhanced the security of the app by introducing a new registration flow. Deepak informs: “Customers can manage their credit card/debit card transaction controls on a real-time basis. They can switch on/ off domestic/international transaction types i.e., e-commerce, ATM, PoS, contactless and also manage the limits for these transaction types. The credit card overview feature allows customers to view their virtual credit card and outstanding balance and make payments.”

RICH PUSH NOTIFICATIONS

The bank has launched many new features. Deepak enlists: “Customers can apply for sovereign gold bonds. They can download consolidated statements of savings accounts, credit cards, demat accounts, loans, mutual funds and TDS certificates. We have enabled rich push notifications through images. Recently, we launched international remittances on mobile that allow our customers to conveniently transfer money internationally to their beneficiaries straight from their phones.

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