Monday, 28 July 2014

Banking goes truly social with Kotak #jifi

I've always been fascinated by the unique schemes that Kotak Mahindra bank are so used to coming up with. Be it the proposition of a 6.5% interest account or the intriguing concept of children accounts, they've got many firsts to their quiver. So when I came across this opportunity to witness their nascent social banking platform, I realized how far they've gone in their way to transform and liberalize banking. I was absolutely flummoxed to experience it and would urge all of you to witness their finesse once. Banking has never been so easy. 

For starters, the main webpage didn't seem hackneyed this time. Instead of blockading main icons and buttons with nonplus information, they make the interface as easy and smooth as it can get. You just need a mere email id or even better a Facebook account to get your invite, which took hardly 10 seconds to reach in my inbox. You can log into your account immediately. So streamlined and helpful is the mechanism, that it does away with those tremulous dreams of complex netbanking portals which normally haunt us. 

Once through this, you get a page with detailed instructions on what steps to be followed in order to sign up for an account with all services at disposal. It's amazing how well integrated all the services are. Normally signing up for a banking service is the most addling and splenetic of things. This went like a whiff. They even mention the average times you'd take for every step. It's like a virtual assistant working with you and guiding you step by step. Truly mesmerizing.

I then started dawdling around my own dashboard just to get a grasp of it. The navigation is so smooth and simple and so far away from those smothering netbanking interfaces, that you'd enjoy being on the platform, cherishing every moment. It is truly an emancipating experience. I thought there has to be some catch. There have to be some strings attached to what is otherwise such a lucrative deal. I mean normally you would associate banks with duplicitous considerations and caveats. I was surprised to land at their charges page. Zero balance account, low transaction fees, and zero charges on issuance of debit cards! Yes, it's an account which pays interest only on extra amounts accrued over 25K, but the ease compensates for that. I mean no formalities and 24*7 access are much more enrapturing and much less tormenting. Moreover, the bank does an automatic deposit sweep in for deposits above 25K on which you can earn some interest. There are also no other maintenance charges and the average monthly balance requirement is also zero. Where were you, my financial deliverance! 

#jifi is a much more than just a banking portal, it's a socially integrated fund management tool. You can not only log in through social media, you even get referral points as a cumshaw for bringing your entire friendship coven to the platform. Being wary of the myriad of ways in which social network linking can cause tussles, I explored the service a little more to see the kind of control that has been vested into my dashboard. It was stupendous the way each and every aspect has been taken care of. From the way you're notified of the various activities to your settings, everything can be customized. All that you'd expect from a social banking solution is already there.

Finally, something to say for the munificence of this new banking platform. You can instantly redeem the loyalty points and referral points through an integrated mechanism through which you can not only see how many points you get, you can even track the sources and view detailed reports entailing to the same. I've never experienced a reward point mechanism that is so well designed and so self explanatory. Moreover, the deals you get towards point redemption are simply ecstatic and so tempting that I wish there was an automatic redemption mechanism wherein my account would get me sops just like it gets me interest.

I'm sure you'd want to try your hand at this stunning new banking platform. So, what are you waiting for. Get your #jifi today. Visit now.


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