SBI announced the launch of a new feature called VKYC (Video Know Your Customer). This venture is to set up a seamless, paperless, zero contact, and secure AI-driven digital onboarding process. It is believed that this will have a significant impact on fraudulent activities and will definitely cut short the cost of the KYC process. The major advantage of this feature is that a customer does not want to physically interact with anyone. The use of technology has gained a scrupulous position in providing a secure and seamless experience for users.
SBI card is known as India’s largest Pure play credit issuer. They had followed all the instructions and guidelines put forward by RBI in this digital journey. Customers are provided with the PDF format of their application form in order to validate their details. After confirming, the customers are supposed to E- sign, and then the card processing begins. VKYC makes use of systems such as geotagging, live photo capture, facial recognition, AI-enabled OCR, Dynamic verification code, etc in order to make it more safe and secure.
Managing director and CEO of SBI card Hardaya Prasad said that the vision is to make life more simple. He added that the bank has immense pleasure to launch this product during the time of this CoronaVirus Pandemic, where social distancing has become unexceptional, and they believe that this venture will gain cogent adhesion. He also added that as they are a technology-driven company, they have made a considerable investment in technology in order to provide a seamless experience for customers.
How VKYC works
- Customers should fill the form on the SBI card website.
- The appointment is taken and link for KYC is sent to the customer
- Customer should access the link and fill his/her personal details and should upload the XML copy of their Aadhaar card
- Face to face video call is commenced
- Geotagging is done to verify customers location
- AI-enabled OCR verifies customers pan card when he/she shows the pan card via face to face call
- With the help of facial recognition software, photo taken during the time of face to face interaction is matched with the photo on the Aadhar and the pan card.
Now the process of KYC is completed. Applicants are asked to validate their details and digitally sign by using the E- sign process.