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15/09/2014 Banking Innovation

About

Jifi is an integrated social bank account, which seamlessly incorporates social networking platforms like Facebook and Twitter with mainstream banking.

Innovation presentation

Jifi is a unique digital bank account that integrates social media platforms like Twitter and Facebook to deliver secure and seamless information on the go.

Given the growing popularity of smartphones and native apps as a primary means of staying connected, the retail banking industry was presented with an opportunity to create a differentiated banking product for today’s digitally-savvy and socially active consumer segment.

With the introduction of Jifi, this segment can conduct banking transactions from within their digital comfort zones.

Jifi is possibly the first banking account in India that actually authenticates the customer’s Twitter account and stores it in the banking system. Currently, more than 20 services are delivered in this way.

Customers can earn transactional loyalty points for specific banking activities, and social loyalty points for inviting and adding friends to the Jifi network, liking/commenting on Facebook and so on. Further, each referral can also earn them social loyalty points, which can be redeemed for offers and can also be transferred to friends who are part of their Jifi network.

Within three days of its launch on 26 March 2014, Jifi had reached 53,80,615 people on Facebook and there were more than 2,200 tweets.

To date, more than 19,000 people are connected to Jifi and more than 122,500 referrals have been made.

Uniqueness of the project

• Social banking: a first of its kind service (in India) provided to tech-savvy customers. Through the social banking feature of Jifi, customers can check their account balances, order a cheque book, re-generate their banking PIN and opt-in for a host of services using a simple tweet. This eliminates the need to remember long passwords or account numbers

• Social reward programme: this programme rewards customers for engaging with the bank on Facebook. Every time the customer likes or comments on its Facebook page, they are given social points

• Strong referral programme: this end-to-end referral programme, with best-in-industry rewards, tracks every stage of the referral journey up until the point an account is opened

• Sharing reward points with friends: this unique feature allows Jifi customers to share their social points or request social points from friends in their Jifi circle

• Kotak Money Watch: the Jifi account comes with a free one year platinum subscription to Kotak Moneywatch – a personal finance management tool designed to help customers manage their finances better and build a healthy habit of tracking their expenses

• Worry-free banking: Jifi is designed to make banking worry free by eliminating most of the charges that come with a conventional bank account, such as ‘non-maintenance charges’ when a customer is unable to deposit a minimum amount per month

• Platinum chip debit card: Jifi comes with an attractive and highly secure chip-based Platinum debit card, which offers a higher daily withdrawal and POS limit

• Active Money: Jifi has an active money feature that pays high interest on balances over Rs.25,000 by automatically creating term deposits with customers’ spare cash.

Together, these product features aim to change the way customers perceive banking and make them realise that they can earn a lot more than just interest by opening a Jifi account.

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