Kotak Mahindra Bank launches app to open accounts

MUMBAI: Private lender Kotak Mahindra Bank (KMB) has launched an application 'Kotak Now' that would allow new customers to open an account in a more simpler and cost-effective manner.

This is for the first time that a domestic lender has come up with such facility where a customer can open a bank account using its application.

"This is an end-to-end application wherein a customer will be able to open a bank account within 10 minutes, without worrying about visiting a branch or any other merchant," Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank told reporters here.

'Kotak Now' is in sync with Prime Minister's vision of 'Digital India'.

He further said that after downloading the application, the customer will have to enter their mobile number and then key - in a one-time password (OTP) to establish identity. After this they need to upload an image of either their passport or the Aadhaar card.

The customer will then have to get connect through a video chat with one of the KMB executives and the account gets opened, he added.

The bank tied-up with a German start-up 'WebID' which has a patented technology to establish identities through specially built algorithms and has already implemented it in 30 banks worldwide, Sharma informed.

Implementing the process will help the bank save at least 50% on "up to Rs 3,000" spent on a new account opening, he said, adding the expenses like deploying staff, couriering the papers and sending the welcome kit are saved, he said.

Kotak Mahindra Group