Kotak’s 811 will soon help you get a loan
BENGALURU: Kotak Mahindra Bank started its banking application 811 to boost its customer base and is now shifting gears to extend lending options to consumers through the product. The bank is also extending the option for consumers to check their credit scores and apply for a credit card while onboarding.
“Almost 30% of our customers opening accounts with us through the 811 product are showing eligibility for a credit card. We have already given out over 70,000 credit cards to 811 customers,” said Deepak Sharma, chief digital officer at Kotak Mahindra Bank. Sharma added that limitations like specific pin codes where the bank does not lend and people with next-to-no credit history are a few of the reasons it is yet to scale up the credit product digitally in an aggressive manner.
The bank hopes to take digital banking to remote corners of the country with 811 that is simple and useful as a mobile wallet but is also stacked with multiple features of a bank account. Sharma said that having already reached a 12-million customer base from eight million in the beginning of the year, the bank is close to the 16 million it targeted for the current financial year.
The bank also found that the number of times an individual customer logged into the banking application has jumped to 16 per month, from around 8 previously. “We are targeting to push it up to 30 logins per month in another one and a half year,” said Sharma.
The bank also launched ‘Keya’ an AI-powered voice bot integrated with Kotak’s phone-banking helpline aimed at augmenting the traditional interactive voice response system in English and Hindi.
“Almost 30% of our customers opening accounts with us through the 811 product are showing eligibility for a credit card. We have already given out over 70,000 credit cards to 811 customers,” said Deepak Sharma, chief digital officer at Kotak Mahindra Bank. Sharma added that limitations like specific pin codes where the bank does not lend and people with next-to-no credit history are a few of the reasons it is yet to scale up the credit product digitally in an aggressive manner.
The bank hopes to take digital banking to remote corners of the country with 811 that is simple and useful as a mobile wallet but is also stacked with multiple features of a bank account. Sharma said that having already reached a 12-million customer base from eight million in the beginning of the year, the bank is close to the 16 million it targeted for the current financial year.
The bank also found that the number of times an individual customer logged into the banking application has jumped to 16 per month, from around 8 previously. “We are targeting to push it up to 30 logins per month in another one and a half year,” said Sharma.
The bank also launched ‘Keya’ an AI-powered voice bot integrated with Kotak’s phone-banking helpline aimed at augmenting the traditional interactive voice response system in English and Hindi.