There's this conversation from the movie Confessions of a Shopaholic that I remember. The protagonist, Rebecca Bloomwood speaks to the head of a bank. She suggests putting pink umbrellas in the window displays and have sales and free doughnuts as ideas to make his bank more interesting to the customers.
Well, maybe not as drastic, but Kotak has introduced Kotak Jifi (http://www.kotakjifi.com), a new platform that aims to makes a visit to bank less like tooth extraction and more like logging into your Facebook account. Oh wait, it is not "like" logging into your FB account, JIFI actually uses your Facebook account in order to have the account set up for you.
Once an account has been set up, the one worrisome thing is maintaining the minimum balance so that you do end up paying penalties when the balance dips. Not any more, Kotak JIFI doesn't require a minimum balance to be maintained. Even better, any amount above 25,000 is automatically converted into term deposit and you are rewarded with a high interest.
What makes it even more interesting is that I don't have to stand in endless queues or face sleepy eyed cashiers anymore in order to know about my account details. All I need to do is log into my twitter account and I get to know my account balance, transaction history and even request for my cheque book.
Additionally, I can carry my account with me anywhere I go because I can manage my accounts, transfer funds and pay bills using the Kotak mobile banking app. Additionally, the Kotak Offer app provides details on the latest discounts pertaining to our area of interest.
If this wasn't enough, JIFI promotes being social by rewarding you with social points every time you like or comment on their page. You refer a friend, you earn points; you pay bills, you earn points; you transfer money, you earn points! Not enough points to redeem, well, you can ask your friend to transfer his or her points to your account on the promise that you will return the favour in future.
Not social enough? How about if I say that JIFI goes a step further and tracks and manages your expenses for you. You can enjoy your time with your friends and family without having to make mental note of each expense because JIFI will do that for you.
There was a time when you had to the boring drawling or harsh telling off from cashier to the peon in the banks before you got your money deposited or withdrawn. But now, all you need to do is reach into your back pocket, pick your phone and your bank account is right there, at your reach.
Well, it might not be pink umbrellas and free doughnuts, but I will take it over the endless waiting, and the boring trip to bank any day, any time.
This post was written as a part of Jifi is here (http://www.kotakjifi.com) competition conducted by Indiblogger.