Banking on Social Media with KotakJifi accounts
When I first heard about the Indiblogger event being held at Cafe Zoe this Sunday, I registered not knowing what to expect. This was my first ever Indiblogger event and I must say I was blown.
For someone who is a Golden Oldie, a homemaker who interacts more with her PC than her real life friends, whose virtual world doesn’t exist beyond a dormant FB account, this event came as a real shocker. I actually realised the power of social media and its ripple like impact.
When ICQ, Orkut and other such social sites sprouted in the virtual world, they were just chat rooms…or at least that what I thought they were. Since I had no use for such interaction, I didn’t really bother about social media till a school reunion made me sign up for FB. Even then, my use of FB was minimal and I preferred interacting through my blogs rather than individual walls, timelines etc etc. So I was quite unprepared for what I witnessed this afternoon at the Indiblogger Kotak Mahindra event held at Cafe Zoe . And this was part of a tri-city event being held simultaneously at Bangalore and Delhi!!
Not knowing what to expect with the traffic and parking situation, I took a cab down to Mathurdas Mills Compound at Lower Parel where I found myself one of the early birds at the venue. I met another blogger who I’d bumped into at a Blogadda Canola event and another young girl who wrote her own finance blog wealthymatters.com. Keerthika Singaravel was an amazing person who wowed me with her bubbly personality and her insights into personal finance.Following her came several other people who made me realise very soon that I would probably be the oldest blogger on the scene. However that didn’t prove to be a dampner.
Enter the Nerd
After Registration we were invited to hit the bar where alcohol was flowing….and not just cheap stuff but good Scotch . The eats that were passed around were lavish too and soon the crowd got into the mood. The first contest was to get the maximum number of people in a selfie ( is this the latest trend started off by Ellen Degeneres or was it there before????) and then there was a small interactive dance with three sporting members of the audience dancing in front of a crowd chorusing “Ich will”. This obviously got the adrenaline pumping strong enough for us to welcome our mystery celebrity chief guest Chetan Bhagat, who gamely accepted being introduced as a nerd. By this time I figured that this event had everything to do with Banking but I was completely bowled when he announced a new product aimed at the young – Jifi.
Twitter Banking or twits banking?
Now anyone who has tried to open a bank account knows the hassles involved. And for all those who have more time to tweet than go to the loo, this seems the perfect option – Online banking where even the account opening is done via Twitter/FB. Of course the KYC does happen but that is unavoidable.
And what was more amazing that you don’t need to have any money to open a bank account! Other added benefits included social rewards i.e. you get reward points for joining, reward points for referrals who even if don’t translate into customers earn you reward points which means it is a win-win situation.
And even as a penniless account holder, you are still accorded the respect given to a Rs. 5 crore customer and get to enjoy the same features as a Platinum Debit card with no charge.
And through MoneyWatch, you can track your multiple bank balances with ease……
- No minimum balance, non interest bearing current account
- Auto Term deposit creation once the average balance crosses Rs. 25,000/-
- Tweet to bank – Account updates, cheque book request and many more account activities just a tweet away
- Refer friends to Jifi and get rewarded
- Loyalty Club – Social or Transaction get rewarded for both
- Free Jifi Platinum Chip Debit Card for first year
- Keep track of your expenses with a Kotak MoneyWatch platinum subscription for one year
- Access to our Mobile Banking & Offers app, to bank on the go
- Free NEFT through Net Banking
Obviously those who know the difference between # and @ , who are brand conscious consumers are not TWITS, therefore, this is banking through Twitter and not banking for Twits.
So where’s the catch?
This product is for the young and not just young at heart but customers who are fully conversant with social media, twitter and facebook. For golden oldies, technophobes and people like me who can’t understand the difference between # and @, can’t differentiate between DM and IM and who think LOL is Lots of Love, this product is not for you – Kotak has a range of traditional accounts for traditional people, even a home banking solution ( at a price of course) for those who can’t cross the road or are otherwise housebound and need help with banking.
This was an innovative product launch – an online banking product for young people on the go, a product that recognises their need , their need for speed, their lack of time and understands their tech savviness. There may have been other product launches with such an insight into their target audience, but for me this was a first hand experience of the power of social media. Kudos to the marketing team who though of this innovative product launch strategy.
And kudos to Indiblogger for organising such a fantastic event – tricity. Truly fantastic. It was a great launch with great food and a great mood . So even if I don’t qualify for a KotakJifi Account, I may be able to gift one to my grandson when he gets his own Twitter handle.