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Prologue:
Social media like Twitter are garnering more importance by the passing day. The hashtags, a predefined term, is becoming an important approach to pass a message. Kotak Mahindra Bank has understands this and that’s why they’ve launched Social Media Banking known as Jifi. This integration is a first-of-its-kind fully integrated social banking services. The account holder, under this system, receives the account update as a Direct Message. He (she) need to tweet with predefined hashtags to @KotakJifi; after few minutes he (she) will receive message from the dedicated handle @kotaksync reverting to his queries, thus maintaining confidentially by eliminating the human intervention. This hashtags banking also allow prepaid mobile recharge, check book request, etc. How much “cool” it is get reflected through its bio on the social site-mentioned as the opening line of the article.
How to Jifi?
Starting to Jifi
Getting started on Jifi is easy. The service is now invite-only. There’re few steps and a user only need a Facebook account or e-mail to access as well as activate their Jifi account.
Requirements for Jifi
- The account can be open by anyone after submitting the KYC relevant information.
- The account min balance is 5,000 INR for activation.
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Features of Jifi
There’re a considerable number of features that this type of account have. The top, and few, features are:
- No min balance plus non-interest bearing current account
- Creation of Auto Term Deposit when the average balance crosses 25,000 INR
- Extra Transaction Points can be earn through all purchase transactions that’ll done via Jifi Platinum Debit Card
- For the first year, free Jifi Platinum Chip Debit Card
- Free NEFT through Net Banking
- There’s Loyalty Club for which for both social or transaction get rewarded
- There is also a free one-year subscription of Kotak MoneyWatch – a 360 degree view of users’ personal finances, which allows them to check their investments online
- This social banking account can be accessed from anywhere in the world
The Security
If a banking system like this doesn’t come with a strong and well-knitted security system then it’s a failure. Jifi had been designed keeping this concern in importance. That’s why if an account on Twitter or Facebook gets hacked, the hacker will be able to use the reward points but will not be able to perform transactions, not even checking the balance of the hacked customer. “The customer’s banking details are fully secure and cannot be seen by the hacker. For transactions, the customer has to log in to net banking,” said Deepak Sharma, executive vice-president and head-digital initiatives, at Kotak Mahindra Bank, while assuring on the Jifi account security stronghold.
Epilogue:
The system has been launched in selected locations of Mumbai, Delhi, Chennai, Kolkata, Bangalore, Hyderabad, Pune, Coimbatore, Jaipur and Lucknow. The bank believes that within next couple of years or so 30-50% of accounts will be open in this way. K V S Manian, President (Consumer Banking) at Kotak Mahindra Bank Limited, said in this context, “… Kotak takes banking to the next orbit by providing a hassle-free proposition to tech-savvy persons who prefer to stay online at all times.”
