Saturday, August 2, 2014

The world's first social bank account is Kotak Jifi

Kotak Mahindra Bank has launched Jifi, a socio-integrated, tech-savvy banking.

Traditionally, banks focused more on products and their revenue generation models but now, have realized the transformational change from product driven to customer driven. A huge focus is now on Customer 1st in order to give the best services to the customers.

The world is changing socially through Facebook and Twitter and with the secure and seamless integration with Facebook and Twitter, Jifi appears to be an innovation in the field of banking industry proclaiming to be the world’s first socially powered bank account by Kotak Mahindra Bank.

The innovation has enabled the account opening and operations process via social media (Facebook) or via Email thereby introducing a new channel in the banking world thereby encouraging the use of self-service channel. Simply tweeting @KotakJifi to get the updates and @kotaksync will send the account updates.

Balance Free Account & ActivMoney - It requires a minimum account-opening balance of Rs. 5000, which can be utilised later. This is a zero-balance, non-interest bearing current account, which provides the facility of sweeping of funds through Kotak’s ActivMoney facility, the funds above Rs. 25,000 in your Jifi account will be moved to a term deposit (TD) in multiples of Rs. 5,000 which can be withdrawn whenever required.

Customers earn loyalty points for specific transactions. Jifi’s “Social Point” has created a wow in the socio-banking world. Now customers will be rewarded social point for each referral, adding friends to the network, liking/commenting on Facebook, etc. Customers can also Trade Points with their friends within their Jifi network; 1 transaction point into 50 social points

The one-time payment facility in Kotak Mobile Banking App has drastically reduced the pain of adding the beneficiary for fund transfers and necessary payments. Kotak Offers App provides the updates on the hottest discounts.

Kotak Money Watch is like a money manager, keeping an eye on the expenses.

Kotak Jifi account comes with a Platinum Debit Card thereby giving the extreme benefits to their customer. The Visa Global Customer Assistance allows the customers to re-issue their debit cards anywhere in the world.

This world’s first powered social bank account will completely give their customers a bank’s Private Client experience.

For detailed information, please visit

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