06 June 2018 Investment-ideas

Banking On WhatsApp

Companies have been increasingly using social networking apps to promote their businesses. Next in line: WhatsApp.

Several Indian banks are now finalising plans to take their banking services to the next level by using WhatsApp, the popular social networking app.

While Kotak Mahindra Bank (Kotak) has already announced the launch of its banking services on WhatsApp, ICICI Bank is piloting a WhatsApp service to a closed group of customers, which they plan to launch in a month’s time. This will allow customers to receive alerts through WhatsApp.

Under Kotak’s new scheme, customers can interact through the bank's verified WhatsApp number +91 22 6600 6022. The WhatsApp channel will also direct customers to seek information on service requests such as updating PAN, mobile number, email id and Aadhaar number.

Services will also be extended to activate and deactivate passbook, update FATCA (Foreign Account Tax Compliance Act) declaration, cancel NACH (National Automated Clearing House) mandate, deregister printed statement, and register change of home branch to the Kotak website.

“The familiarity and simplicity of the platform makes it easy for customers to interact with their bank and get answers to queries in a seamless and convenient manner,” says Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank.

For security reasons, Kotak will communicate only non-sensitive information, without divulging any personal or sensitive data on chats. Customers can also discontinue communication on WhatsApp at any point of time.

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TAGS: Phone Banking, Banking, Whatsapp
OUTLOOK 06 June 2018