HyperVerge announces entry into Video KYC with SBI Card as a marquee customer

Source: IBS Intelligence 2020-07-20

SBI Card has adopted the AI-assisted Video-KYC system by Bengaluru-based company HyperVerge. Customers of SBI Card can apply for a credit card and they can complete the KYC process via an end to end encrypted secure video call through their mobile phones or laptops. This eliminates the requirement for customers to visit a branch, thereby reducing the risk of contacting COVID-19.

Hardayal Prasad, MD & CEO, SBI Card enthused, “We are pleased to integrate HyperVerge’s Video-KYC system for roll-out of this contactless service to our valued customers. We have strategically invested in technology to stay ahead of the curve on consumer trends and VKYC is another step towards this. Technology has been meticulously deployed to digitize the customer journey at every step and make the entire user experience seamless. In a scenario, where social distancing has become the norm, VKYC holds immense relevance for our customers, and we expect it to gain significant traction.”

Earlier this year, the Reserve Bank of India (RBI) permitted regulated entities (RE) such as – banks, credit card companies, Non-Banking Financial Company (NBFCs) and wallets – to use Video-KYC as a replacement for in-person-verification.

Kedar Kulkarni, Co-founder, and CEO, HyperVerge stated, “The SBI group is a part of every Indian’s life. We feel grateful and excited to be working with SBI Card. Our team’s entire focus has been to support organizations get back to pre-COVID business momentum rapidly.”

Benefits of Video KYC

The per-KYC cost comes down for the financial institution, and the experience for the customer is much better than earlier. Further, the COVID-19 situation has made social distancing the norm. Customers are hesitant for both agent driven in-person-verification and branch-based verification. In this context, Video-KYC is now critical to continue business momentum in a 100 percent safe contact-less, presence-less, paper-less way.

Digital KYC process

During the HyperVerge Video KYC process, the SBI Card agent captures the customer’s location, asks for a random verification code, and takes a picture of the customer’s PAN and customer’s face. The process is completed within 2 minutes. An agent can complete up to 200 video KYCs.

HyperVerge AI, which is the X-factor in HyperVerge Video KYC solution, does many intelligent steps in real-time to assist the company officer performing the Video KYC. It digitises the data on the PAN card on the go and verifies it with PAN data from NSDL. Then, it matches the face of the customer to the face on the PAN Card and Aadhaar provided by the customer to the system. This step, called ‘facematch’, is done at an accuracy of more than 99.5 percent. HyperVerge AI also checks for ‘liveness’ – this is an anti-fraud step to prevent bad actors from spoofing the system by presenting a photo/ video/ mannequins to the camera instead of their face.

In 2019, HyperVerge recorded 280 million digital KYC checks for clients like Jio, Vodafone-Idea, Bajaj Finserv, Aditya Birla Capital, L&T Financial, etc. Started in 2010 as a student research group in IIT Madras, the Bangalore-based company’s homegrown technology is completely built from scratch. In June, the company announced partnerships with Capital Float for Video-KYC and, Swiggy and Zomato for age and ID verification during wine shop delivery. Apart from India, the company has operations in South East Asia with FE Credit, Grab, Momo, etc., as clients.

HyperVerge

SBI Card

KYC

HyperVerge announces entry into Video KYC with SBI Card as a marquee customer

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!