Kotak Mahindra Bank is about to launch an innovative solution that will allow its customers get Account Updates via micro–blogging platform Twitter.
The 140 character service will soon serve as a self–service extension of Kotak Mahindra Bank. With its tie–up with Twitter, the Bank is also expected to offer many non–financial service transactions too.
What has the Bank come–up with? Twitter has lately become a hub of self–service activities. In the past we witnessed how O2 (a popular Mobile Service Provider in Europe) allowed it subscribers get service updates like Balance and other queries answered by sending specific tweets. Thereafter, Twitter itself allowed to actually pay for a product online with just a tweet. Backed by online payments service Stripe, Twitter now has the ability to blossom into a full–fledged social shopping platform.
This time, Kotak has launched a new Current Account product aimed at younger demographic that will enable the account holders to undertake 21 services like cheque book requisitioning, checking last few transactions, etc., using just their Twitter accounts. The transactions will be executed by special coded messages that will have to be sent via the Twitter Handle of the account holder, explained KVS Manian, Consumer Banking Head, Kotak Mahindra Bank,
“All you need to do is to use the dedicated Hashtags (#) for the activity you want to do. We have integrated all our systems with our core banking software and can seamlessly throw up the required result into the account holder’s Twitter handle as a direct message.”
The Twitter handle of the Bank is called ‘Jifi’ and it also involves a host of loyalty-based reward points accrued from merchant transactions carried out using the account, referrals made and ‘sharing and commenting’ of tweets/updates.
It is interesting to see Banks coming up with Social Media linked Banking techniques. In the past we have seen Facebook being used by ICICI Bank. While these platforms may not be still regarded as secure enough to execute payment related instructions, it is certainly a great start. What do you think?
Website | Kotak Jifi
Source | Economic Times
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