Open Axis Bank Account, Get Insurance Policy With Video KYC: How It Works?

Open Axis Bank Account, Get Insurance Policy With Video KYC: How It Works?

Open Axis Bank Account, Get Insurance Policy With Video KYC: How It Works?

Insurance Regulatory and Development Authority (IRDAI) has permitted life as well as general insurers to use the Video-Based Identification Process (VBIP) for prospective customers.

At the same time, Axis bank has launched a Digital Savings Account that can be opened with Video KYC with a view to helping the customers in the ‘new normal times’.

Let us find out more about VBIP and video KYC introduced by Axis bank…

What is VBIP?

VBIP is a method of customer identification by a representative of the insurer.

The process is carried out by undertaking real-time, consent-based audio-visual interaction with the customer for an establishment, continuation, or verification of an individual customer, by obtaining identification information and to ascertain the accuracy and authenticity of the provided information.

This has been done to enhance the ease of doing KYC and help the insurance sector amidst the COVID-19 pandemic.

The Reserve Bank of India (RBI has already revised the Know Your Customer (KYC) norms by allowing banks and other lenders under its umbrella to use a video-based customer identification process.

In addition, the IRDAI said that the insurers may develop their app and undertake live VBIP which has to be carried out by an authorized person of the insurer.

This process has been introduced to verify the customer in the shortest time and also to reduce the amount of paperwork.

Axis Bank Launches Easy 4-Step Video KYC Process!

Axis bank has launched a video KYC to be done in 4 steps to open digital savings account so that the customers won’t have to visit the branch and do any paperwork.

The 4 simple steps of the Video KYC process are: 

  1. Verification of customer via OTP, 
  2. Capturing of details required to open a Savings Account, 
  3. Initial Funding and, 
  4. A short video call with a bank representative to complete the KYC process. 

To know more about the process, click here.

About the savings account, the account gives one access to 250+ banking services online, and a virtual debit card named ‘E-Debit Card’ with which customers can start transacting immediately after opening the account.

Sameer Shetty, Head of the Digital Banking, Axis Bank said, “Our objective as a bank is to re-define the role we can play in the lives of our customers by adding convenience and ease in the new normal times, where digital access to banking services has become even more crucial. In our endeavor, we have elevated our Digital Banking proposition in a postCOVID World, with launch of our ‘Full Power Digital Savings Account’. The key differentiating factor is that the platform provides the customer with an end-to-end digital journey for opening a Savings Account. “

In conclusion, he said, “This is a step ahead in accelerating digital transformation through our services and providing full power in the hands of our customers.”

Other banks like ICICI Bank, HDFC Bank, State Bank of India (SBI), Kotak Mahindra Bank are in the process or have already launched video KYC process.

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