SBI Launches Video KYC For 50 Crore Customers: How It Works, USPs & More!
The State Bank of India Card is the latest to introduce the launch of a video based know your customer feature after many other banks launched their video-based customer identification process in the last month.
This new process will ensure contactless and hassle-free process of customer onboarding.
Find out how the Video Know Your Customer feature by SBI Card will work right here!
SBI Card Launches Video Know Your Customer Feature To Ensure Contactless KYC
Coronavirus pandemic requires social distancing to be observed carefully to prevent the spread of the disease. The VKYC will allow customers to get on board with a bank virtually without any need to physically present or interact with anyone.
Also, the VKYC uses virtual techniques such as facial recognition, dynamic verification code, live photo capture facial recognition, and Geotagging. As per reports, these guidelines have been directed by the Reserve Bank of India thus making at safer 4 people rather than the physical KYC process.
Hardayal Prasad, MD, and CEO, SBI Card said, “We are a technology-driven company and have made strategic investments to create state-of-the-art infrastructure, both at the back end and front end, to improve our user experience.”
The bank said that the launch of the VKYC will help reduce the frauds significantly along with slash and the cost of the KYC process by nearly half of what it was before.
Steps For Video Know Your Customer Process By SBI Card
Here is a step by step procedure for onboarding through the VKYC feature:
- You will firstly require to visit the SBI Card website for the telecalling channel.
- Next, fill out the application forms on the site after which you will be asked for an appointment to carry out the VKYC process and a link for the same will also be sent to you.
- After this, open up wrestling and fill out your details such as your name your date of birth the pan numbers, and an XML copy of your Aadhar card.
- A face to face video call will be initiated with the SBI officer with the help of a dynamic verification code.
- Next, a photo of you will be taken during the video call, and using the facial recognition software, it will be matched with the one that is available on Aadhar Card and your PAN card.
- Next it will be confirmed if you are in India with the help of location Geotagging.
- Lastly, once the VKYC process is completed, you will be required to digitally sign the application form with the help of the e sign process.