Banking and Social Media

In all the recent technology forums, I keep hearing a same topic “ IOT” (Internet of Things”, in which means everything around you are connected through cloud. The IOT Industry leader’s primary focus is on Home appliances, Banking and medical, which are inseparable from our day-to-day life.

Recently, heard about such a disruptive initiative by Kotak-JIFI in Banking Space.

For me, the traditional banking has been seriously unpleasant and unfriendly forever. Once the account is opened (savings / deposit / loan), that’s it, then you don’t even visit the bank, they also don’t care about you anymore, other than bothering with the monthly statements. t’s never been so interactive. Making a query to the customer care involves so many things;  not just the phone call, but the rnage of pins, number, secret-codes… etc  makes it annoying. Nowadays, I prefer not to call until its very urgent.

To all my above complaints, Kotak says " JIFI is here " . Yes, that's Jifi, a new concept implemented by Kotak Mahindra Bank . It's first of it's kind in India, their promo looks very impressive, sounds like it can make the banking experience interactive and enjoyable.

Kotak-JiFi’s features:

• No minimum balance, non interest bearing current account
• Auto Term deposit creation once the average balance crosses Rs. 25,000/-
• Tweet to bank - Account updates, cheque book request and many more account activities just a tweet away
• Refer friends to Jifi and get rewarded
• Loyalty Club - Social or Transaction get rewarded for both
• Free Jifi Platinum Chip Debit Card for first year
• Keep track of your expenses with a Kotak MoneyWatch platinum subscription for one year
• Access to our Mobile Banking & Offers app, to bank on the go
• Free NEFT through Net Banking

In my vision, This is definitely a game-changer. And other banks will also sure to get into this idea and social network very soon. At the same time, I also have some queries raised in my mind.

• Is it only me, or others too feel that the banking current banking system is boring and non-interactive ?
• How many of us will be excited to use FB/Twitter over a phone call to customer care to solve an issue?
• Are we willing to share our financials / updates through the bank’s face book and twitter pages?

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Pon Paulraj