SBI Card has launched VKYC following recent Reserve Bank of India (RBI) guidelines permitting VCIP as a method of establishing customer identity together with E-Sign process. Through VKYC, a customer does not have to physically interact with anyone.
Due to the coronavirus-induced lockdown, over the past one month, few banks have announced the launch of video-based KYC features. Today, SBI Card announced that it has launched a video know-your-customer (VKYC) feature to ensure a zero contact, hassle free customer on-boarding process. With social distancing being the new normal,the VKYC will allow a customer to undergo a completely presence-less journey, without the need to physically interact with anyone from SBI Card.
In a press release, SBI Card said: “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.”
Commenting on the launch of VKYC, Hardayal Prasad, MD & CEO, SBI Card said, “In line with our vision to Make Life Simple, we are now launching Video KYC – a secure, AI driven, digital journey for our customers. It provides ease of use along with a high degree of safety through a contactless process.”
“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,”SBI Card said in a press release.
Here is a look at how the VKYC will work, according to the SBI Card press release.
SBI Card VKYC: How it works
A customer needs to follow some simple 1. Customer fills application form on SBI Card website or through tele-calling channel
2. Appointment is taken for VKYC from customer and link for VKYC is sent to customer
3. Through the link, customer fills his/her details – Name I Date of Birth I Pan Number and uploads XML copy of Aadhaar
4. Face to face video call is initiated with SBI Card officer through a dynamic verification code
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- Customer shows his/her PAN card on video call for PAN verification through Al enabled OCR
- Photo of applicant is taken during video call and matched, using facial recognition software, with the one on Aadhaar and PAN Card
- Location geotagging is done to verify that customer is in India
5. Once everything matches, VKYC is complete
6. Application form is digitally signed by applicant through E-sign processsteps for quick and easy KYC completion
