Kotak Mahindra Bank launches 'Kotak Now'

‘Kotak Now’ is an end-to-end digital process where verification of KYC documents and signature is done via a video call with the bank.

This is a complete end-to-end online account opening experience, without any need of physical interaction or biometric verification.

The account opening process is simple, and takes only a few minutes.

Once the Kotak Now app is downloaded, the prospective customer can upload KYC documents (PAN card, and either Aadhar Card or Passport), and the image of the signature.

Thereafter, on entering a few personal details, the Customer Relationship Number (CRN) and Account Number is generated.

The app automatically selects a branch closest to the customer’s address for correspondence. The account is activated, after a video call with a bank executive.

Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank, said, “About 50% of all transactions in the last few years have moved to digital channels like net banking and mobile banking. Additionally, most services are now being made available on-the-move to customers via these platforms. However, the account opening experience for Indian consumers was still a challenge, and has thus far required high level of manual effort from their end. ‘Kotak Now’ is in-line with our mobile first approach and is a path-breaking step in making banking truly digital.”