Kotak Jifi Qorus Banking Innovation Awards 2014 - Winner

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.