SBI Card launches video know-your-customer (VKYC) feature

Source: IBS Intelligence 2020-06-18

Gurgaon-based SBI Card has launched a video know-your-customer (VKYC) feature which will enable customers to have a zero contact and a hassle-free onboarding process, according to media reports. In the times of COVID-19, customers are hesitant to visit the premises of branches, and thus, this technology eliminates the need for a visit to the bank’s branch.

According to media reports, SBI Card, in a press release stated, “VKYC process uses techniques such as facial recognition, Dynamic Verification code, AI enabled OCR, Live Photo Capture facial recognition, OCR, geotagging etc, as mandated by RBI guidelines, making it more safe and secure than physical KYC process.”

Also Read: Kotak 811 launches zero-contact, video KYC savings account in India

“In line with our vision to Make Life Simple, we are now launching Video KYC – a secure, AI driven, digital journey for our customers. It provides ease of use along with a high degree of safety through a contactless process,” Hardayal Prasad, MD & CEO, SBI Card said, according to media reports.

“E-sign process helps in obtaining digital signature from the applicant on a digital application form. The Applicant receives his application form in PDF format for validating the details he had provided. After verifying details, applicant digitally e-signs the application form and card processing can commence,” SBI Card said in a press release, as per media reports.

State Bank of India (SBI) has taken other measures on its fight against the novel COVID-19. This month, it organised over 125 E-Town Hall Meetings from May to date for MSMEs. MSMEs formed a crucial part of the announcements made under the ‘Atmanirbhar Bharat Abhiyan’ by the Government of India. As per directives of DFS, the bank conducted Circle level meetings to reach out to MSME customers and explain the various reliefs and financial support provided. The bank has also re-launched its ‘SBI Insta Saving Bank Account’ to provide convenient digital banking services to citizens in the country.

SBI Card

VKYC

SBI Card launches video know-your-customer (VKYC) feature

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