Current day banking is all about providing convenience to customers. Gone are the days when a person had to wait in long queue to deposit or withdraw cash. Technology has enabled banking with superior comfort for customers of banks. Branch based banking has shifted to an ATM which can be located near a customer’s residence. It has also radically changed the accounting systems because of which the turnaround time taken to record transactions has significantly improved.
The concept of banking hours too has changed with the advent of internet banking. With internet connectivity and a computer/laptop, one can transfer funds anywhere across the globe! Convenient payment transfers now also take place in the form of mobile banking where a smartphone along with a GPRS connection can do the banking job for you. With the help of cards, banks are now understanding consumer behaviour and helping them shop or transact with a simple swipe of the card available at the merchant’s store.
In recent times, banks are reinventing ways to provide convenience to their customers. One of the banks which endeavour to bring the latest innovations to their customers is Kotak Mahindra Bank which has launched the following services:
Message Money: Ever thought it would be possible to send money to your friend with a simple message? Now, with the Message Money service it is possible to do this. You can send money by simply using his/her mobile number without even having to mention the bank account number or IFSC code! All you require is either an iPhone or an Android phone and the Kotak Bank app downloaded on the handset.
Mail Money: This is a unique service by which you may send money via email by just knowing the email id and mobile number of the beneficiary. What is even better is that you need not do any beneficiary registration, something which is compulsory for regular net banking transactions. You have the choice of scheduling transfers for the next 7 days and can also regenerate One Time Passwords (OTPs) if sender or beneficiary forget or misplace them.
KayPay: Did you ever imagine Facebook to be a banking tool? Now you can transfer funds via Facebook by following the below mentioned simple steps:
- Login into the account by using your Facebook ID
- Select your friend who is the beneficiary for receiving the funds. Enter the amount you wish to transfer
- Authorize the payment transfer with an OTP
There is no beneficiary registration required for this service too. Only a registration of your bank account is required as the facility is extended to 28 participating banks. For any help, the FAQs will assist you well. It is a safe and secure way of transferring money and is a proof how we can use social media for effective banking
Insta Pay: Without any registration, you can pay your utility bills without filling the boring registration forms. With this service, you may also recharge your mobile number or your DTH/data card. You may be able to use this service to fulfil payment obligations with most major service providers.
With these services, customers can look forward to an excellent banking experience where transactions take place quickly and efficiently. Thanks to the above mentioned initiatives, banking in today’s times has become truly hassle-free!
