Over the last decade, changes in technology have inadvertently shaped and reformed consumer behavior in ways that have impacted not only their purchase decisions but also the mediums through which they choose to carry out those decisions. As a result, institutions responsible for ensuring accountable and safe commerce have also begun to adapt to this new trend, leading to the birth and evolution of online and social banking services that allow patrons to access and move their funds through their computers or laptops. Thus, as is the case with most other businesses, consumers are now able to avail certain services from their banks of choice online as opposed to being physically present at a particular branch.
For instance, over a span of a few short years, banks now provide the alternative to move funds around or transfer money online itself as opposed to filling forms and speaking to managers or executives in order to get the same thing done. While earlier, identities were confirmed with the help of relevant legal documents, now all one needs is a password and the customer ID, usually provided with the checkbook. In fact, the idea of online banking itself is so commonplace that most consumers expect to be given online identities when they open a new account with any bank.
Out of all the diverse possibilities offered by these banks, one of the most convenient option happens to be the ability to purchase and pay for items online through the card of choice. This is especially relevant today due to the advent of online shopping websites and widespread acceptance, as well as preference, of ecommerce itself.
Consumers are now given the liberty to simply select items of their choice, whether pertaining to clothing, furniture, electronics or even household equipment, and directly checkout by making a payment online.
As one of the leading banks to add their name to the list of those that provide exemplary online services, Kotak Mahindra Bank offers a list of options exclusive to them in order to further build upon or customize the experience of the users involved. Starting off with the convenience of net banking and then expanding into mobile banking, Kotak MahindraBankhas also added a few innovative products to the list that make the consumer’s experience much better and interesting.
An insightful idea is the Instant Pin Generation, which enables consumers to create 6 digit pin numbers on the go. This is especially relevant to those who prefer making payment throughcards, and do not usually carry cash, but find it difficult to recall their ATM Pin.
In addition to this, Kotak Jifi, brings together the convenience of social media with the constant need for updates and requests on the consumers’ part, thus creating social banking. Here, consumers can taketheir accounts, expenditures and savings online and use their details to score further points and rewards through Twitter.
A unique service called Kotak Moneywatch is for anyone looking at getting the current updates, news, views and analysis from industry experts. This will eventually help the users make informed financial decisions. A part of this service, Personal Finance Manager Tool is an excellent money management tool which acts as your one stop solution for managing personal finance acrossvarious platforms.
If you wish to send somebody money in their account, you may use the Email Money service simply by entering their email id and mobile number. It is this simple to send money, thanks to this service.
Thus, with so many innovations and such scope for growth at all times, one can only expect phenomenal things from digital banking in India.
