Kotak Mahindra Bank today announced its strategic plan to double its customer base in next 18 months. With this in mind, the bank has launched a ‘unique phenomenon called 811’.
Kotak currently has a little over 8 million operational customers.
The number 811 is inspired from Narendra Modi’s cash ban that was implemented on November 8, 2016.
Talking about the plan, Uday Kotak bank’s Executive Vice Chairman and Managing Director said, “811 offers a completely digital and paperless account opening that can be done anytime, anywhere.”
811 will continue to offer customers up to 6 percent interest on their savings account balances, Kotak said.
Kotak Bank will become the first bank to integrate Aadhaar offering OTP-based financial services.
The new initiative will be a part of Kotak’s existing app and customers can maintain a zero balance for zero charge for all digital transactions. Only Aadhaar and Pan card will be needed to open and operate the account.
The 811 initiative will offer complete digital banking experience to customers in nearly 700 locations across the country. The account can be opened anytime, anywhere using the Kotak mobile banking application.
“With 811, we embark on a bold organic growth journey. 8/11 changed India. 811 aims to take our Prime Minister’s vision forwar,” Kotak said at the press conference.
811 will offer access to over 100 services on the mobile app including financial transactions, fund transfer and a lifestyle app for e-commerce companies.
The acquisition cost to get new customers under 811 is 80-90 percent lower than the current costs, says Kotak.
Currently, 811 is available on Google Play Store and it will be available on Apple store soon.