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SBI Card launches video based KYC feature. Know how to use

After several other banks introduced a video-based customer identification process last one month, SBI Card on Monday announced the launch of Video Know Your Customer (VKYC) feature to ensure zero contact, hassle-free customer onboarding process.

India TV News Desk Edited by: India TV News Desk New Delhi Updated on: June 15, 2020 23:39 IST
SBI Card launches video based KYC feature
Image Source : GOOGLE

SBI Card launches video based KYC feature

After several other banks introduced a video-based customer identification process last one month, SBI Card on Monday announced the launch of Video Know Your Customer (VKYC) feature to ensure zero contact, hassle-free customer onboarding process. This launch is in line with SBI Card's endeavour to establish an end-to-end paperless, digital sourcing and onboarding process, India's largest pure-play credit card issuer said in a release.

"VKYC launch will not only have a substantial impact on fraud reduction, but it will also reduce the cost of the KYC process by nearly half," it said.

With social distancing being the new normal, VKYC enables a customer to undergo a completely presence-less journey, without the need to physically interact with anyone. As per the release, VKYC process uses techniques such as facial recognition, dynamic verification code, live photo capture facial recognition, and geotagging among others, as mandated by RBI guidelines, making it more safe and secure than physical KYC process.

"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. Technology has been meticulously deployed to digitize the customer journey at every step and make the entire process seamless," said Hardayal Prasad, MD, and CEO, SBI Card said.

He further said that in a scenario, where social distancing has become the norm, this feature holds immense relevance for the customers. "We expect it to gain significant traction." SBI Card has launched VKYC following recent RBI guidelines permitting the Video-based Customer Identification Process (V-CIP) as a method of establishing customer identity together with the e-sign process. 

Steps to follow for SBI Card VKYC:

Step 1: Visit the SBI Card website or tele-calling channel

Step 2: Fills application form after which an appointment will be taken for VKYC from customer and link for VKYC is sent to the customer
Step 3: Open the link and fills your details like Name, Date of Birth, Pan Number and uploads XML copy of Aadhaar
Step 4: Face to face video call is initiated with SBI Card officer through a dynamic verification code
Step 5: Customer shows his/her PAN card on video call for PAN verification through Al enabled OCR
Step 6: Photo of the applicant is taken during a video call and matched, using facial recognition software, with the one on Aadhaar and PAN Card
Step 7: Location geotagging is done to verify that customer is in India
Step 8: After the completion of VKYC, the application form is digitally signed by the applicant through E-sign process

(With inputs from PTI)

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