Kotak Mahindra Bank's Kotak811 app has achieved a significant milestone in the first half of 2025, securing the third position globally in banking app downloads. According to data from app analytics platform Sensor Tower, Kotak811 recorded over 16 million downloads, surpassing SBI Yono, which held the fourth position with 14 million downloads. This achievement marks a 250% year-on-year surge for Kotak811, making it the fastest-growing banking app worldwide in H1 2025. The top two positions were claimed by neobanks NuBank from Brazil and Revolut from the UK.
Kotak811's rise is particularly noteworthy considering the restrictions imposed by the Reserve Bank of India (RBI). Until February 12, 2025, Kotak Mahindra Bank faced limitations on onboarding new digital customers, affecting both digital account openings and credit card services. Despite these regulatory headwinds, the app's growth momentum remained strong.
Launched in 2017, Kotak811 is built around a digital-first, full-service banking model. It provides zero-balance savings accounts, optional paid features like debit cards and chequebooks, and a wide array of financial services, including savings, deposits, UPI/IMPS transfers, mutual funds, insurance, and credit card offerings, all within a single app. Its model is often compared to budget airlines—low cost, lean, and efficient.
As of now, Kotak811 has over 26 million fully KYC-compliant account holders. While Kotak811 has outperformed Yono in terms of downloads, SBI's Yono maintains a dominant position in user base due to SBI's vast 500 million customer base, compared to Kotak's 50 million across all its services. SBI's digital downloads are also distributed between Yono and Yono Lite, a lighter version designed for basic smartphones. Kotak811, in contrast, is part of a separate digital-only experience.
Globally, consumer banking apps collectively surpassed two billion downloads in the year leading up to June 2025, demonstrating a 5.1% year-on-year increase, with nearly half a billion downloads occurring every quarter. Analysts suggest that banking apps are becoming the "new face of financial services," propelling digital transformation and enhancing financial inclusion in emerging economies like Brazil, India, Mexico, and Colombia.
Initially targeting an entry-level/digital-first user base, Kotak811 is now expanding its reach to mass-affluent and high-net-worth segments through premium offerings. This strategic shift aims to broaden its appeal and further drive growth in the competitive digital banking landscape. Despite Yono's scale, Kotak811's growth highlights a significant shift in user behavior, with customers increasingly favoring mobile-first, feature-rich banking platforms.
