Kotak Mahindra Bank to launch two new apps

22 Apr 2024 , 02:23 PM

According to news reports, private sector lender Kotak Mahindra Bank is planning to release two new mobile applications: one for payment services and the other for its digital banking division, Kotak811,  Moneycontrol reported. This is a component of the bank’s aggressive digital banking strategy in the face of fierce rivalry.

The 811 app is presently in the testing phase, and both the Google Play Store and the Apple Store provide the beta version of the app. About a month from now is the formal debut date, according to insiders. “The app will function as a branch integrated into another app that offers account opening and credit card services, etc.” they said.

On November 8, 2017, Kotak Mahindra Bank introduced Kotak811, a digital bank. The senior management of Kotak811, as listed on their website, consists of Manish Agarwal, who oversees business operations, Shanti Ekambaram, who oversees whole-time director and group president of consumer banking, Jay Kotak, who serves as co-head of Kotak811, and Srikrishna Moorthy, vice president of Kotak Mahindra Bank.

According to the most recent data, during the October–December quarter of FY24, the lender’s digital division handled 95% of personal loan disbursals, 100% of credit card sales, and 79% of new business.

Email inquiries were not answered by Kotak Mahindra Bank until the article was published.

The bank is also considering the release of a brand-new payments app. “This application will support all payment services, including bank transfers, UPI, and other payment methods. Enhancing client experience and services is the ultimate goal, according to insiders.

According to the bank’s most recent statistics, pay-you-contact transactions increased by 1.4 times, UPI transactions increased by 2.2 times, and UPI acquiring volume increased by 1.2 times.

For feedback and suggestions, write to us at [e-mail]