New Delhi: 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 digitise 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.