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June 6, 2018

India’s Kotak Mahindra Bank testing Whatsapp banking service

Indian private sector bank Kotak Mahindra Bank has introduced banking services on Whatsapp under a pilot project.

Following the introduction, the customers can communicate with the banking officials through a verified Kotak bank number on Whatsapp.

They can receive information on various services including customer information updates as well as activating/deactivating passbook, change of home branch, updating FATCA declaration, cancelling NACH mandate and others.

The customers will be directed to the Kotak website to the relevant webpage for swift update of information.

The initiative is a part of the bank’s digital-first organic growth strategy to improve its services.

All Kotak’s ‘811’ digital account customers will receive the option to procure welcome kits on the bank’s verified WhatsApp number.

Kotak noted that through the new service the bank will only provide contextual information as a step to ensure complete safety of customer data. All customers can quit interaction through WhatsApp at any time.

Private sector bank ICICI Bank has also started testing of providing banking services through Whatsapp for a closed group of participants, according to The Times of India.

The service is expected to be rolled out for the customers in four weeks.

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