Today, thanks to digital leaps, our banking tasks are as simple as sending a text. A great example? Getting a credit card free of any cost. It used to be a maze of paperwork and patience. Now, with banks like Kotak Mahindra, it's a breeze. A few taps, and a bit of typing, and you're set.
Why Opt for Kotak Mahindra for Your Credit Card?
Choosing where to get your credit card is a bit like choosing a dining spot. You'd pick a reliable place, that offers variety, and perhaps gives great discounts. That's Kotak Mahindra Bank for you in the banking world. They're not just any bank; they've earned their stripes and trust over the years. Their credit card options? There’s something for everyone. The ease, the benefits - it's a choice you'll thank yourself for.
Eligibility Criteria Comes First
Think of getting a credit card like planning a trip. You wouldn't just hop on a plane without checking visa requirements, right? Similarly, before shooting off that credit card application, there are some boxes to tick. For starters, banks, including Kotak Mahindra, have a set of eligibility criteria. This usually revolves around your age, income bracket, and sometimes, the city you reside in. Then there's the paperwork. It's not as tedious as it sounds, promise. Keep handy proof of identity, address, and recent income statements, and you're good to go.
Securing Your Kotak Credit Card in Just Three Steps
Getting your hands on a Kotak credit card isn’t some long, drawn-out epic. It's more like a short story, with just three concise chapters:
#1 - The Online Advantage:
It starts on Kotak Mahindra Bank's sleek website or its user-friendly app. Look out for the credit card section, dive in, and key in the specifics they ask for. It’s mostly basics like your name, occupation, and income details.
#2 - Documentation Needed:
Remember the prerequisites we talked about? This is where they come into play. Kotak Mahindra Bank offers a smooth ride here. You can either upload scanned copies of the required docs directly or, if you're a tad traditional or just love human touch, schedule a doorstep pickup. A representative will swing by, collect what's needed, and give you a smile to boot. The mantra? Keep things crisp and clear for a seamless verification process.
#3 - The Approval Process:
Once you've hit that 'submit' or ‘credit card online apply’ button, behind the scenes, Kotak Mahindra Bank's efficient systems are bustling. They're assessing your details, making sure everything aligns. If all's good, you'll get a nod of approval in no time. And before you know it, your brand new credit card is zipping its way to you. The wait isn’t long, and once it's with you, activation is a cinch.
Key Features of Kotak Credit Cards
A Kotak credit card is packed with features to help you in nearly every financial situation. Firstly, every time you swipe, you aren't just paying; you're earning too. With every purchase, reward points stack up, waiting to be redeemed. And if that isn't enough, some sweet cashback offers come your way. Think of it as a little "thank you" for every transaction.
Furthermore, if you're a shopaholic, you'll relish the special deals. Kotak Mahindra Bank's partnerships with brands bring exclusive discounts right to your fingertips. And fear not, with Kotak, security isn’t an afterthought. The bank equips its cards with advanced protective features. Should you ever hit a snag, their customer support jumps into action, ready to steer things right.
Squeeze the Most Out of Your Kotak Credit Card
Owning a Kotak credit card is like having a ticket to an exclusive club. But, you'll want to strut in and use all its facilities. For starters, use the card responsibly. It's tempting to go on a spree, but timely payments ensure you reap the benefits without drowning in debt.
When Kotak Mahindra Bank rolls out those exciting promotional offers, take them up! They're designed to give you maximum value. And here's a pro tip: Link your card with your Kotak Mahindra savings account. Not only does it make payments a breeze, but it also lets you monitor and manage your finances seamlessly. It's like having your cake and eating it too!
Conclusion
The banking world is in a state of constant flux, moving from crowded queues to a few clicks. It's an era of convenience. And in this digital parade, a Kotak Credit Card isn't just a participant; it's leading the march. Look it up, apply now, and let Kotak elevate your banking journey to levels unimagined.
The move by TSB, which reflects a widespread shift to online banking, will take effect next year. The bank says 220 branches would remain open at the end of June 2022, down from 290 branches today.
Despite the closures, TSB will maintain the seventh-largest high street footprint in the UK, with staff affected by the closures to be offered other positions within the company. TSB also says it plans to open ten “pop-up” branches amid its changes.
TSB chief customer officer Robin Bulloch commented, “Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future.”
The move comes as the continuation of an ongoing trend by TSB and is not wholly unexpected. Back in September 2020, TSB announced it would be closing down 164 of its branches, while in November 2019, the bank announced the closure of 82 of its physical sites.
TSB branches affected by the closures include Bath, Cambridge, Bury St Edmunds, Exeter, Gateshead, Maidstone, Shrewsbury, and Uxbridge.
Whether you are just beginning to earn your own money and aren’t sure where to distribute it, or if you’ve been struggling with making the right decisions, this guide will help you to feel more confident with your financial decisions. Not only that, but you will feel braver and more optimistic about the future if you have savings to fall back on or even emergency funds for when you need it most. These are some basics of gaining control over your personal finances.
Self-Restraint
This might seem like an obvious point, but you’d be surprised how hard it can be to exercise some self-control with money. So many people are impulsive and might find themselves splurging on random items that they don’t need when they’re overwhelmed or stressed. Some great ways to reinforce better money habits are to learn how to reward yourself for tough days without spending high amounts of money. The modern world is full of advertisements and fast-food restaurants that it’s no wonder that you might find yourself spending more money than you need to. A great place to start is to set yourself easy goals, like going a week when you only buy yourself one of two rewards. Then, you could focus on making those rewards more affordable, like making coffee at home instead of heading to Starbucks.
Future Planning
Another great motivator to save towards is to assess your priorities and try to set up a savings plan. Whether you want to invest this or put it somewhere safe, you could speak with your bank supplier about what your options are. You might want to save for retirement or even a college education in the future. Spend some time thinking about what you want to save for, and let that encourage you to make smarter financial decisions.
Emergency Fund
Another great way to start saving is to put a small amount away each month or payday and keep it as emergency savings. This can help with injury recovery costs, medication, or even car breakdown. Whatever your future might hold for you, it’s better to be prepared because money worries will only weigh you down during already stressful times otherwise. It is reassuring to know that in an accident or emergency, you have yourself and your family or assets covered. Another way to ensure emergency savings is to search for a great insurance provider. Natural disasters, severe weather patterns, and the loss of a loved one can be protected in one place. Worrying about money isn’t something that anyone should be doing while dealing with an emergency.
Monthly Divisions
Spend some time assessing your monthly expenses and decide how essential each of them is. For example, you might be paying for a subscription that you no longer use. Of course, bills and utilities should be the priority, but once you spend some time mapping out your monthly costs, you might find yourself more motivated to save or even find more efficient ways to fuel your lifestyle. Rent, utilities, food, and insurance all add up, and you might even find that you could be saving money by moving to a more economic flat or house.
Credit And Debt
One of the main reasons why so many people avoid working on their finances is because they might have outstanding debt or poor credit. This is why it’s even more important to work on your money management so that further debt is prevented. Working towards repaying loans or debts is also a great way to improve your credit rating. This means that banks are more likely to offer you more flexible repayment plans in the future for bigger purchases like mortgage schemes. It can be daunting when thinking about tackling your outstanding debts, which is why some personal loan companies offer services specifically for this. Seek friendly financial advice and tips on how you can consolidate your debts into one place and make it much more straightforward to eventually pay off. Rome wasn’t built in a day, so it’s important to remember that any small change contributes to a more financially stable, confident future.
Online Banking
We live in a world where everything is readily available whenever we could possibly want it. That is why more and more people are opting for a banking option that is easy to access and has apps that are easy to use. Do your research to compare which banks offer the best app if this is something that is important to you. It can be an effective motivator when it comes to avoiding impulsive purchases because you will be able to check the app and see how your savings are doing and decide whether you can afford it this month. Checking your accounts on the go is a modern thing that makes banking and financial management more accessible and convenient than ever before. Not to mention, the quality of payment methods and security that are now within reach of banking apps.
To summarise, this guide has hopefully provided you with some basic definitions to allow you to feel more comfortable thinking about personal finances. Finally getting round to managing your money and setting up savings can be intimidating, especially if you have a history of debt, poor credit, or even outstanding debt repayments. Loan companies are designed to help you and enable you to gain control over your finances for good. Hopefully, improving your knowledge of the world of money management will allow you to feel more confident and comfortable speaking with credit companies and banks about the future. Take some time to figure out what bank services are the most important to you, and think about whether you know where all of your monthly outgoings go to. Good luck!
John Ellmore, Director of KnowYourMoney.co.uk, investigates emerging trends in personal finance and the fintech driving it.
A lot has changed over the past 20 years. We are now living in a world where home assistants and smartphones have become the norm, and as a result of these great leaps in technology, people are increasingly relying on their devices to make their lives easier.
The coronavirus pandemic has only driven the need for such technologies even further. With the implementation of social distancing measures and nationally enforced lockdowns, consumers have seen a complete overhaul to their day-to-day lives. Consequently, 57% of consumers now prefer to use online banking tools to manage their finances; pre-COVID-19, less than half (49%) of consumers preferred online offerings.
With more consumers opting to use online offerings to look after their cash, it’s clear that this change in consumer mentality is here to stay, and it hasn’t just been limited to online banking.
Fintech: Revolutionising Personal Finance
The personal finance industry has come a long way since the turn of the century. Indeed, the rise of financial technology (fintech) has transformed the way in which service providers are able to engage with their customers. In short, fintech has simplified the complicated personal finance industry, making it far more accessible for the average consumer.
One factor which has been instrumental to such changes is the rise of comparison websites.
The previous two decades have seen a growing number of consumers relying on comparison websites to save money on everything from their car insurance to credit cards. And it seems that the popularity of comparison websites will not falter any time soon, with research from the Competition and Markets Authority revealing that 85% of UK consumers have used price comparison websites at some point in their lives.
The previous two decades have seen a growing number of consumers relying on comparison websites to save money on everything from their car insurance to credit cards.
So, what exactly has driven the popularity of comparison websites? Put simply, they take the effort out of researching and comparing financial options. By gathering all of the data and consolidating the available options in a clear and concise list, consumers have been able to investigate their choices without conducting hours of monotonous research.
However, it is fair to say that this this offering is in a constant state of change, and we are seeing the fintech industry adopting highly complex algorithms at a rapid pace. As these algorithms are now able to make rapid assessments of risk using an individual’s financial data, it is now possible for comparison websites to offer more targeted results. Consequently, the personal finance industry creating a more tailored, personalised service for consumers.
Advancements in Digital Banking
The growing popularity of comparison websites has been complemented by the rise of online banking. Indeed, consumers are now looking for convenient digital offerings from their banking provider, be it an established high street bank or a virtual challenger bank.
Consumers now demand easily accessible and user-friendly online platforms to make the management of their personal finances a far more streamlined. So, by offering smart analytics, user-friendly app designs and real-time payment notifications, banks have made it easy for consumers to always be aware of their outgoings and any fraudulent activity in their accounts. With saving made easier and safer than ever, now consumers can watch their wallets without ever having to leave the house.
It is clear that technology is playing an increasingly large role in the way we handle our finances, and the sector is primed for further innovation yet. So, with many useful developments in the pipeline, what does the future hold for the personal finance industry?
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A Personalised Experience
Traditionally, most consumers would assume that one could only receive personalised, tailored advice with the help of a human adviser. However, the future is digital, and such regulated advisers could soon take the form of digital chatbots, or “robo-advisers”, powered by artificial intelligence (AI).
At present, such customer-facing technology does exist, but is still in the very early stages of its development. Indeed, such “bots” are only able to provide generic guidance to basic consumer queries. However, at the current pace of AI developments, it’s likely that further industry disruption is on the horizon.
Whilst it is unclear exactly when such advancements will be ready for consumers to use, it is plain to see that the technology will inevitably be used to drive the personalisation of the personal finance sector. I predict that in the coming years, we will soon see a new generation of empowered consumers who are able to take advantage of the greater choices, transparency and hassle-free experience driven by the ‘fintech revolution’.
Ultimately, the days of one-size-fits-all advice are numbered. The modern consumer should expect a streamlined process, which not only offers a wide variety of products to choose from, but also is tailored to their specific needs. What’s more, they should expect providers to act upon their decision immediately. Whilst humans can offer this service to an extent, only technology can offer such a sophisticated service to the masses.
Naturally, this will have a knock-on effect on the way consumers handle their finances, and savers should be on the lookout for new innovations that might help them better manage their money in the years to come.
Au contraire.
Picture integrating a brand-new feature into your banking app that you know is destined for greatness. Something that’s so well-designed, convenient, and customer-centric that you naively assume its adoption will be suitably organic – instantaneous, even. Except, that’s not the case. Because a few weeks in, and adoption has been so slow that it’s hardly worth mentioning. Skip ahead a few months, and still no-one’s using it.
Could you have done something differently, you find yourself asking? We’re glad you asked.
Different strokes for different folks
It’s a well-known fact that the behavioural patterns of banking apps users differ greatly from one to the other. Considerations like age, background, tech-savviness and financial literacy all factor into the equation, especially when change is afoot.
In one camp, for example, are users who become so set in their ways that when something new comes along, it has little effect. In their 2018 mobile banking scorecard, Javelin summed it up well in saying that many users have “well-worn paths within their banks’ mobile apps”, typically navigating in exactly the same way, to exactly the same item, with each new visit. When things change for these users, they tend to stubbornly stick to their familiar paths, either too comfortable and content with what they’ve come to know and use, or too scared to try something different.
In another camp are more adventurous users who are undoubtedly interested in new features and functionality but never get around to using them. Research by Fiserv (via The Financial Brand) uncovered various reasons for this anomaly, including that nearly half (46%) of users are confused by the array of products on offer these days, while one third (33%) say they don’t know how to use them. Eight out of ten users also worry about data security and privacy.
There are, of course, also the small group of who wait impatiently for their banks to offer the latest new capability that they know is already out there. In contrast, another small group of people methodically read through and assess everything they receive from their bank and make well-thought-out decisions about a service’s applicability to them.
A consumer report on app-based banking and payments from earlier this year revealed that 71% of Americans would use their banking app more frequently if it were more innovative. In Germany, 62% of consumers in a similar survey said the same, so it’s safe to assume that people in other parts of the world would share the same sentiment.
The long and short of the matter is that most people are willing to try new things – some are even begging for it. But change can make people nervous and confused, especially when it involves technology or security principles they do not understand. They need some hand-holding along the way, presenting both a challenge and opportunity for banks launching new banking app products, features and services.
How to lend a helping hand
There’s a fine line between helping customers navigate a new offering and smothering them with too much information. For banks, striking the right balance is critically important. Though getting it right could produce happy customers and a clear competitive advantage, getting it wrong could have a devastating effect.
My experience with new product launches is that success is intrinsically linked to educating existing customers – a step that is often downplayed when, actually, it should receive as much attention as the technology’s acquisition and implementation. The big, splashy media launches are important, too, but to achieve a different goal: attracting new customers.
In terms of the basics, a good start is to name a new product or service, as it immediately provides an identity for the functionality and makes communication around the subject far easier. Choosing something that alludes to the functionality and benefits of the new product also makes it more memorable to those who end up using it.
Next, formulate a key message that focuses on the positive aspects of the new functionality, what it can do for a customer, and how they can benefit.
Then, execute a well-planned PR campaign before the launch of a product, and include press releases, articles and interviews produced and pitched by a PR or media partner, as well as a pre-launch event. The event will provide an ideal opportunity to address members of the press and provide them with all the information they need to take your message to the public.
To minimise stress for existing customers, ease pressure on call centres, and drive adoption, it is recommended that educational campaigns start as early as feasibly possible with advanced, highly visible notices about the new functionality, its benefits and opportunities.
Suggestions include:
- Prominent notices on a bank’s website homepage, Internet banking portal, and mobile app;
- Email and SMS marketing campaigns;
- A dedicated micro-site that includes a list of features and benefits, comprehensive FAQs, a video presentation, and an interactive demo;
- Printed collateral that can be posted and displayed in branches;
- Sustained coverage and customer assistance on social media;
- Recorded messages for customers that use call centres or telephone banking services.
These actions and materials also provide the opportunity to draw customers’ attention to existing material or web pages describing best practices as they pertain to online and mobile banking security, as well as risks inherent in irresponsible behaviour.
Adding the personal touch
Despite existing in a world gone digital, face-to-face interaction still holds a lot of value. American Banker suggests that intercepting branch visitors and offering them a physical show-and-tell in return for something small can go a long way to allay fears of the new and unknown.
Some banks have even turned to mobile banking classes, while others have started in-branch kiosks similar to Apple’s Genius Bar to train visitors on digital banking.
Whichever route banks choose to take, knowledge truly is power. In fact, banks that engage more with their customers and enable them to easily use their technology are proven to become more trusted, receive fewer complaints, and boast higher levels of customer loyalty – something that all the marketing budget in the world can’t buy.
A new breed of ‘challenger banks’ has risen up around traditional institutions in the last few years. This catch-all phrase doesn’t capture the breadth of different offerings that have emerged, from mobile only banks such as Atom and Starling, to digital contenders looking to capture even more of the value chain by exploring links between online banking and social networks – Fidor is a great example. With a digital-first mentality, the competitive ace that these technology businesses have to play is their agility. Unencumbered by legacy systems, they are quick to add innovative new products and services, often encouraging open collaboration with customers – as Monzo has done – to develop the product and offering.
These FinTech companies are incredibly nimble, though hanging on to this advantage will depend on how smart they can be as they scale. With a continued focus on innovation and a clear target customer value proposition – whether that’s migrants, freelancers, Millennials or students – there will be some tough decisions to make about which technology to keep in-house, and which to outsource. Will they choose to trade on the value of their proprietary systems? Or take the view that the value lies? in the front-end, and outsource the remainder?
One of the key challenges that traditional banks face is simply understanding the infrastructure that lies under the hood. Systems have been developed over so many years, by so many IT architects, for so many use cases and do not forget all the mergers and acquisitions, that it has become very difficult to untangle the technology wires that link business areas across Operations, Product, Customers and Channels.
The advent of Open Banking has thrown down both a lifeline and an intimidating gauntlet for large banks. A lifeline, assuming they have the opportunity to innovate, drawing on the advantages of trust and large existing customer bases to fend off digital rivals with new appealing product offerings. A challenge, in that they must now open up their systems to third parties, which brings both a competitive threat and a logistical challenge.
No such worry for nimbler challengers. Not only do they have the benefit of operating on new, lean tech stacks, but they have been born into a mentality of collaboration, and business model evolution. High Street Banks, by contrast, haven’t been tested in this regard historically, and are jostling to keep pace.
After a period of immense innovation in the challenger bank sector, the next phase will be a tale of expansion and consolidation – a battle that some will weather more successfully than others. Some have argued that those with in-house back-end tech will experience initial pain in scaling, due to the larger tech code base and infrastructure they must maintain. Others might counter that this will be offset by lower long-term operating costs per customer, and possibly greater flexibility in product development – which could make all the difference in the quest for customer wallets, hearts, and loyalty.
Operational management and innovation do not always sit comfortably next to each other, but young banks have a golden window of opportunity to future-proof their model. Smart, proactive, risk-based decisions will ensure that scale does not hamper the agility that propelled them into the spotlight in the first instance.
It’s more fun to count soaring customer numbers and glamorous media headlines, though, in my view, the winners will be those that take the time to unpick and monitor the systems that underpin their ability to create dynamic, responsive solutions. In this instance, good things will come to those who refuse to wait.
Hans Tesslaar, Executive Director at banking architecture network BIAN
