Hyderabad, 16th August, 2018: Kotak Mahindra Bank (Kotak) today announced that the bank continues to clock the fastest pace of customer acquisition and savings account growth in the Indian banking industry.
From 8 million customers on 29th March 2017 when 811 - India’s first downloadable digital bank account was launched, to 14.5 million customers (including 811 customers) as on 30th June 2018, Kotak has added 6.5 million customers in 15 months – annualised growth of 61%.
Further, Kotak’s Savings Account (SA) book continues to grow faster than the Indian industry average. Kotak’s average growth rate in the last 6 years has been around40% on a YoY basis - more than double that of the industry growth rate. As on June 30th June, 2018, Kotak’s SA book was at Rs. 66,621 crore.
Kotak is focused on making banking more accessible for every Indian through 811, and offers higher returns of 6% interest rate p.a. on savings account balances above Rs. 1 lakh and up to Rs 1 crore.
811 is a one-of-its-kind truly inclusive account that welcomes all Indians. The recently launched 811 #IndiaInvited campaign, starring Bollywood superstar Ranveer Singh as the brand ambassador, captures this philosophy and champions the cause of inclusive banking. The ad campaign features people from all walks of life, across age, gender, profession, religion, physical appearance, including an acid attack survivor, among others, and captures their stories of struggle against discrimination.
Puneet Kapoor, Senior Executive Vice President, Kotak Mahindra Bank said, “We have adopted a digital-led growth strategy and 811 is playing a key role in the bank’s customer acquisition and savings account growth. 811 has been embraced by Indians across the country. In our endeavour to make banking more accessible and widespread, we realised that people from different walks of life tend to get intimidated to walk into a retail establishment, such as a bank branch, for the fear of being judged. The #IndiaInvited campaign builds on this insight and draws attention to how 811 does not discriminate against anyone on the basis of personal or physical characteristics.”
“We will continue to expand our branch network across India using a dual strategy – we are implementing a hub and spoke model in locations where we are already present. We are also expanding our physical footprint in locations where the bank has received many requests to open an 811 account but where we do not have branches as yet,”added Kapoor.
The protagonist of the ad campaignis ‘the bench at the railway station’ and Ranveer Singh dons the role of the bard (Sutradhar). The story voices similarities between 811 and a bench at a railway station. Anyone and everyone – irrespective of caste, creed, religion and abilities, are welcome to rest and take a breather at any bench at any railway station in India. Similarly, 811 provides equal access to everyone and represents the qualities of equality, accessibility and inclusiveness. The only requirement for opening an 811 digital bank account is being an Indian, which is the underlying message of the #IndiaInvited campaign.