BankBazaar partners with IndusInd Bank and SBI Card in India

Source: IBS Intelligence 2020-07-03

BankBazaar, a Chennai-based financial marketplace and provider of free credit scores for customers, is partnering with IndusInd Bank and SBI Card, to facilitate contactless access to credit cards. The contactless solutions from IndusInd Bank and SBI Card are live on BankBazaar platform and were launched amidst the COVID-19 lockdown in May 2020.

Adhil Shetty, CEO, BankBazaar, said: “There has been a strong demand for digital alternatives to physical processes, and this has gone up significantly in the last few months. A recent BankBazaar survey clearly showed that over 70% respondents prefer contactless access to credit from the safety of their home. Digital KYC presents a secure, safe, consent-based option for customers to avail much-needed credit in these challenging times…”

Access to loans and credit cards are offered via Video KYC, Central KYC (CKYC) and eKYC, as enabled by the Indian regulators.

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Anil Ramachandran, EVP and Head, Marketing & Retail Unsecured Assets, IndusInd Bank said, “We at IndusInd Bank always strive to be relevant to diverse set of customers by creating solutions that simplify their lives and the delivery of their banking requirements. In keeping with this vision, we are happy to join hands with BankBazaar to bring forth this unique proposition that empowers our customers to instantly apply for a credit card, and get their applications verified online in just a few steps…”

Hardayal Prasad, MD & CEO, SBI Card said, “…In line with our vision to Make Life Simple, we have launched Video KYC – an end to end paperless, digital sourcing and onboarding process. Today, where social distancing has become the norm, our customers can avail a simple, secure, AI driven digital journey where they do not have to physically interact with anyone. We are pleased to offer BankBazaar availability of our platform and VKYC functionality.”

The Reserve Bank of India (RBI) approved Video KYC in January 2020, thereby allowing regulated entities such as commercial banks to onboard new customers using a live video-based interface created in compliance with the RBI’s KYC Master Direction. This eliminates the requirement for offline authentication of customers. Central KYC Registry is a centralised repository of KYC records of customers. It allows inter-usability of the KYC records for verification every time when the customer creates a new relationship with a financial entity.

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BankBazaar

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BankBazaar partners with IndusInd Bank and SBI Card in India

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