Kotak Introduces Paperless Account Opening, Counts Artificial Intelligence As Banking’s Future

With more and more people preferring to skip traditional bank branches, Kotak Mahindra continues to make a push into digital banking, launching an app-based paperless account opening service to rope in new customers. Kotak Mahindra, India’s fourth largest private sector bank, has introduced ‘Kotak Now,’ which lets customers complete verification formalities following a video call, eliminating the need for a branch visit or a biometric verification. The bank hopes the new service — which cuts the account opening process from a few hours or days to about seven to ten minutes – will account for at least quarter of its new banking customers in the next month or so, Deepak Sharma, Kotak’s Chief Digital Officer, told HuffPost India. However, according to Sharma, the biggest change in banking in the coming…


Link to Full Article: Kotak Introduces Paperless Account Opening, Counts Artificial Intelligence As Banking’s Future