Kotak Mahindra Bank Hopes '811' To Double Its Customer Base In Two Years

Kotak Mahindra Bank (KMB) today said the newly launched 811 digital banking platform has received huge response and the service would help the bank in doubling its customer base in the next 18 to 24 months.

According to a senior KMB official, the 811 banking platform, which allows customers to do various banking activities through the mobile App, would serve as the "primary vehicle" to double the existing customer base.

"As against last year, we are seeing a growth of 143 per cent in our digital transactions this year. It shows that India is convincingly moving towards a digital economy after Centre's demonetisation decision in November last year," said Ambuj Chandna, Head-Retail Liabilities, Investments & Payment Products.

"From the current 8 million customers, we are now eyeing to double our customer base to 16 million in the next 18 to 24 months. And, 811 service, which was launched one month ago, will be the primary vehicle to do that journey" Chandna told reporters here.

He said that 811, inspired from the November 8, 2016 note-ban decision, allows customers to open a zero balance account using the bank's mobile application.

According to Chandna, there is clear shift in the way people are using their bank accounts after demonetisation last year.

"In many ways, India is becoming less cash and more digital. 52 per cent of our customers use computers or mobile phones for doing transactions.

"Out of them, 54 per cent only used mobile phones and never visited our bank branches," he said.

Majority of the new customers who are opening 811 bank accounts are below 40 years of age.