Kotak aims to double customer base with ‘811’ digital banking initiative in 18 months

Indian financial services conglomerate, Kotak Mahindra Bank on Wednesday announced the launch of 811, a full-service digital banking ecosystem on mobile.

"811 offers a completely digital and paperless account opening experience across nearly 700 locations in India. It can be opened anywhere, anytime, within five minutes, using Kotak's mobile banking app - the top rated banking app (as per Google Play Store) in India,” Kotak said.

The new digitally operated account will offer a 'zero balance savings account with zero charges for all digital transactions, where customers can earn up to 6% p.a. on their savings account, the bank said.

Managing Director, Uday Kotak who was speaking at a press conference in Mumbai said that the bank has a target of doubling its customer base, adding to its existing customer base of eight million via this ‘organic growth’ strategy.

“Now with 811, we embark on a bold organic growth journey. We aim to double our customer base in 18 months. 8/11 changed India," Kotak said.

Shares of the company closed 0.10% lower to end at Rs 858.95 per share on BSE Sensex.

The company said that it was the first bank in India to integrate the newly introduced Aadhaar-based OTP authentication process for account opening on mobile.

“Only Aadhaar and PAN numbers are required to open and operate 811,” the bank said.

Further commenting on the launch, Kotak said, “An investment of Rs 1,00,000 made in Kotak Group in November 1985 is worth around Rs 1,400 crore today - a compounded growth rate of 40% over the past 32 years. We have always believed in value creation for our stakeholders.”

“With 811, anyone can now download Kotak Mahindra Bank on their mobile. It offers access to over 100 features on mobile including completing financial transactions, managing investments, fund transfer and is an ideal lifestyle app for e-commerce on Flipkart, PVR, Goibibo, etc,” Kotak said.

The bank said that 811 is fully integrated with Bharat QR code and is also unified payment interface (UPI) enabled.

"811 customers will enjoy all digital transactions at zero cost and get a free virtual debit card. Currently 811 is available on Google Play Store and it will soon be available on Apple's App Store,” Kotak added.