SBI launches VKYC, Video-based Customer Identification Process
State Bank of India Card has launched VKYC ( Video Know Your Customer) to ensure zero contact customer on-boarding process.
As per sources, following recent Reserve Bank of India (RBI) guidelines permitting VCIP as a method of establishing customer identity together with E-Sign process. However, this VKYC launch will not only have hassle free customer on-boarding process, but also it will reduce the fraudulent activities.
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. 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.
In the digital customer onboarding journey, 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.