We all go to banks or ATMs almost every single day of our lives. Whether it’s for depositing money, applying for loans, buying stocks or getting a cheque book, banks are as important for people as air or water. Everyone wants the best possible services to manage their savings. But do they really get them?
Kotak Mahindra Bank has recently launched their flagship product – Jifi. With digital integration through Facebook and Twitter, this is a digital banking product like no other. Before launching this one, Kotak would have conducted various studies on what people expect their bank to provide.
Let’s look at the various factors people look at while choosing their bank of choice –
Money? Sorry. You have reached the wrong door. For that, you need to have a well paying job. As there aren’t any free lunches, there is no option to get free money without working hard.
Good savings? Jifi provides high interest rates for balances greater than Rs 25,000. There is also the facility to convert the cash into term deposits. Surprised? Read on.
Zero minimum balance? Aah! That’s a good question. Youngsters love to party and splurge on food and clubs pretty often. In that case, it becomes really difficult to save and ensure the minimum balance is maintained at the end of every month. And that’s where, Jifi comes to the rescue. No minimum balance. No worries. Surprised? Read on.
Ease of opening the account? For many, opening a bank account is a very cumbersome process with lots of paper work. But Jifi allows you to open a bank account from the comforts of your home. All you need is a Facebook login or an email invite to begin. Surprised? Read on.
Social Junkie? So many of us these days are on the net 24X7. Whether it’s Facebooking, Instagramming or Tweeting, we can’t seem to keep away from social networks. Jifi encourages us to continue that and allows to check the account balance, generate PIN, know details on the nearest ATM and bank branches and much more, just by tweeting. Surprised? Read on.
Points for referring friends and making transactions? For some, this may not be a must-have feature. But Jifi encourages you to be more social and buy more. Whether you refer friends through a social network, email invite, make any transactions or just ‘Like’ and ‘Comment’ on Facebook posts or tweets, you can get points. These points can be redeemed for making purchases at various online retailers.
If you have excess points or need points to buy that one gift for your loved one, you can also transfer points to your friends. As they say, a friend in need is a friend indeed.
If all this wasn’t enough, then there is a Kotak mobile app to keep you updated on your bank details on the go as well as a Money Watch which helps you keep track of your finances. You don’t need to maintain your bank details and other finances on a pen and paper anymore. The bank does it for you.
And as far as the security is concerned, if a person’s Facebook or Twitter account is hacked, the most the hacker can get hold off are the details regarding the reward points. All the other bank information is secure and won’t be visible to the hacker.
Jifi helps manage all the finances and transactions in a jiffy on the go using various social technologies. It’s everything, the youth is looking for.
With all this and various sign up benefits including a platinum debit card, Jifi – the social banking account has taken the Indian banking industry by storm. Kotak has surely expanded its banking products to cover every age group on the spectrum.