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 helped drive the total number of accounts at the bank to 13 million as of 31st March 2018, up from 12 million by the end of the previous quarter. Around 44% of 811 customers, according to the bank, are salaried employees, and 90% are aged between 18-40 years. 65% of them are from the top 20 cities in India. Kotak Mahindra Bank also offers free credit score check for 811 customers.

Other data from Kotak’s investor presentation and earnings release:
– Mobile banking was up 76% YoY in terms of value, and 114% in terms of volume.
– 88% of all recurring deposits were sourced digitally during the quarter. In Q3, this number was 83%
– 69% of all fixed deposits were sourced digitally during the quarter. In Q3 this number was 65%.
– Total payment gateway transactions during the month of March were up 76% in terms of value YoY. Last quarter the value was up 64%.
– Mstore transactions were up 402% YoY in terms of volume at the end of this quarter (March 2018).
– Digital share of salaried personal loans: 32% in Q4FY18. In Q3, this number also stood at 29%.
– Personal loans through digital were up 168% year on year in Q4. This was 192% last quarter.
– Mobile banking login is more than 5 times of Netbanking, this proportion has stayed the same as last quarter.
– 66% of bank customers are digitally active. This was 63% last quarter.
– 72% of mobile banking customers are only on the mobile app. This was 70% last quarter.
– The bank on-boarded around 5000 merchants for UPI.
– 67% of individual savings bank accounts were sourced through biometric mode in Q4FY18. (We are unsure if this means biometric linking through Aadhaar or something else.)

Kotak Securities:
– 171% growth in Year On Year mobile average daily volumes of transactions. Last quarter, this was 127%

Kotak Life Insurance:
– 86% of individual policies sourced were through “Genie”, a tablet-based solution from Kotak Life Insurance. Last quarter this was 78%.
– 93% of the sales in Q3FY18 came through Genie for the BANCA channel. Last quarter, this was 90%.

Kotak General Insurance:
– 30% of new business sourced from digital channels
– 118% year on year growth in digital business.

Other developments:
Earlier this month, Kotak Mahindra Bank launched an AI-powered voice bot, ‘Keya’, integrated with its phone-banking helpline.
– Kotak securities launched products like ‘Chat to Trade’ for all online customers, Kotak Stock Trader app exclusively for iPad & Tablet

View: Press Release | Investor presentation