The country’s largest commercial bank, State Bank of India (SBI) has now made the process of opening a new savings bank account easier for its customers, in the sense that now customers can do this without having to physically visit the bank.
SBI, on April 23, has launched a ‘Video KYC-based’ account opening feature on its mobile banking application YONO.
Using this feature, customers will no longer have to visit the bank’s branch to open an account with SBI; they will be able to achieve this independently.
Here are all the details one must know about SBI’s new Video KYC feature.
New Feature Integrated with AI & Facial Recognition
The finance industry, much like the healthcare sector, is seeing a proliferating permeation of advanced technology, which is only on the curve of exponential ascent.
Endorsing the above statement, the State Bank of India has launched a Video KYC based account opening feature, which is powered by Artificial Intelligence (AI) and Facial Recognition Technology, states the lender.
This makes the whole process of opening an account with the bank, truly paperless and contactless.
SBI’s Chairman, Dinesh Khara says, “The launch of online Savings Bank account opening facility which is much necessary in the current pandemic situation. This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness. We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs.”
Steps Involved in Opening Your Online Account
- The digital feature is launched on SBI’s mobile banking app, YONO, so you will have to first download the app on your device.
- Following this, you will have to click on ‘New to SBI’ and select ‘Insta Plus Savings Account’.
- For verification, you will have to enter your Aadhaar details in the app.
- Once the Aadhar verification is completed, you will have to put in your personal details.
- Schedule a video call to complete the KYC process.
- Once the process is completed, your account will automatically open, without any physical intervention of the bank.