Kotak Mahindra Bank announced that its mobile banking has seen a growth of 172% (in volume) YoY in the quarter ending June, helping the bank achieve over 1 crore transactions in volume and Rs. 10,000 crore in value through its applications. The Banks’ digital initiative, Kotak 811, 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, has also helped drive the total number of accounts at the bank to 14.5 million as of 30th June up from 13 million by the end of the previous quarter. Around 44% of 811 customers, according to the bank, are salaried employees, and 91% are aged between 18-40 years. 60% 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 172% in terms of volume. In the previous quarter, this number was 114%
– 89% of all recurring deposits were sourced digitally during the quarter. In Q4FY18, this number was 88%
– 67% of all fixed deposits were sourced digitally during the quarter. In Q4FY18 this number was 69%.
– Total payment gateway transactions during the quarter ending June were up 70% in terms of value YoY. Last quarter the value was up 76%.
– Mstore transactions were up 154% YoY in terms of volume at the end of this quarter (June FY19). This was 402% in the previous quarter.
– Digital share of salaried personal loans: 2 x YoY in Q1FY19. In Q4FY18, this number stood at 32%.
– 30% of total business under personal loans through was digital channels
– Mobile banking login is 6 times more than that of Netbanking. This proportion was 5 times in the previous quarter.
– 105% growth YoY in monthly active customers on mobile app.
– 75% of mobile banking customers are only on the mobile app. This was 72% last quarter.
– UPI transactions increased by 42x in Q1FY19 YoY .
– 99% growth in Year On Year mobile average daily volumes of transactions. Last quarter, this was 171%
Kotak Life Insurance:
– 84% of individual policies sourced were through “Genie”, a tablet-based solution from Kotak Life Insurance. Last quarter this was 86%.
– 95% of the sales in Q3FY18 came through Genie for the BANCA channel. Last quarter, this was 93%.
Kotak General Insurance:
– 30% of new business sourced from digital channels
– 46% year on year growth in volumes of digital business.
– Kotak Mahindra Bank joined Ripple’s enterprise blockchain network (RippleNet) to provide impetus to its inward cross-border remittances.
– Kotak Mahindra Bank launched products like ‘WhatsApp Banking’ and ‘Keya Chatbot’ to address customer queries.