Kona Kona Kotak to bank on 811 to double its customer base in 18 months

Ending all the ongoing speculations and screams, deliveries of excited anchor links by the popular anchors on business news television channels, finally Kotak Mahindra Bank's much-hyped press meet got over this evening. Some can call it a real dampener on the face of so much hype created around it on media during last over 30 hours. But even if journalists are not too happy with the not-so-classy announcements made by the chief of the key lender, there are few interesting takeaways for the investors of KMB stock and also KMB customers or even the aspiring one.

The idea is to woo more customers and increase the size, quantum of its topline. KMB is on a prowl, as some people are now claiming.

So what transpires: 

Uday kotak in his press release announced a ground breaking transformative growth strategy that may well change the way Indians bank now on.

In a move that is termed as constructive creative disruption by Uday Kotak, the bank has launched a unique ‘811’ online zero-balance account, inspired by the demonetisation move made by Prime Minster Narendra Modi.

811 is a digital account opening experience and only Aadhar card and PAN card number will be required to open the account. The account will be a zero-balance account.

811 will have zero charges for all digital transaction.

While talking to the press, Uday Kotak, face of the Kotak Mahindra Group mentioned that he hopes that the customer base doubles for the bank in less than 18 months from now. 

By acquiring ING Vysya bank two years back Kotak Mahindra managed to double its size via inorganic growth. The new transformative strategy adopted by the bank will help bank double in size in less than 18 months from now, believes Uday Kotak.

The acquisition cost, said Uday Kotak will be 80 to 90% lower.