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Kotak Mahindra Bank reports 12 million customers for its 811 digital savings account

Kotak Mahindra Bank

Kotak Mahindra Bank’s 811 service, a zero-balance digital savings account that can only be opened by downloading the bank’s app and authenticating oneself with Aadhaar and a one-time-password, had 12 million customers as of 31st December 2017, up from 10.5 million by the end of September 2017. Around 45% of 811 customers, according to the bank, are salaried employees, and 91% are aged between 18-40 years. 63% of them are from the top 20 cities in India. Note that this data is exactly the same as mentioned last quarter, apart from the number of customers, no we can’t say if its data which is updated regularly. Kotak Mahindra Bank has also launched a Credit Card on the Go for 811 customers.

Other data from Kotak’s investor presentation and earnings release:
– Mobile transactions were up 120% year on year in Q3FY18.
– Mobile banking was up 111% YoY in terms of value, and 120% in terms of volume.
– Recurring deposits: sourced digitally during the quarter was 83% of total recurring deposits sourced during the quarter. In Q2, this was 77%
– Term Deposits: sourced digital during the quarter was 65% of total term deposits sourced during the quarter. In Q2 this was 60%.
– Total payment gateway transactions during the month of December were up 115% in terms of volume YoY, and 64% in terms of value YoY. Last quarter volume of transactions were up 20% up YoY, and the value was up 68%. This just indicates that payment gateway transactions dipped significantly during the October-December quarter in 2017; note that during the same period, the online shopping payment gateway transactions from mobile had grown 70%.
– Mstore transactions were up 322% in terms of volume in December 2017
– Digital share of salaried personal loans: 32% in Q3FY18. In Q2, this was 29%.
– Personal loans through digital were up 192% year on year. This was 178% last quarter.
– Mobile banking login is more than 5 times of Netbanking
– 63% of bank customers are digitally active. This was 58% last quarter.
– 70% of mobile banking customers are only on the mobile app. This was 66% last quarter.

Kotak Securities:
– 127% growth in Year On Year mobile average daily volumes of transactions. Last quarter, this was 81%

Kotak Life Insurance:
– 78% of individual policies sourced were through “Genie”, a tablet-based solution from Kotak Life Insurance. Last quarter this was 75%.
– 90% of the sales in Q3FY18 came through Genie for the BANCA channel. Last quarter, this was 89%.

Kotak General Insurance:
– 30% of new business sourced from digital channels
– 135% year on year growth in digital business.

Kotak Securities mobile transaction ADVs grew 127% in Q3FY18. 78% of the individual policies written by Kotak Life Insurance were sourced through Genie – tablet based end to end sales solution. Further, 90% of the Banca channel sales in Q3FY18 were through Genie. In the case of Kotak General Insurance, more than 30% of new business sourced through digital channels in Q3FY18.

Other developments:
– Last quarter, Kotak Mahindra Bank partnered with Zeta to launch an employee benefits program called Paymint.
– In August 2017, it invested $10 million in debt funding in LendingKart.

Source: Press Release | Kotak presentation: This quarter, last quarter.

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