SBI launches contactless online account opening feature on YONO

By Leandra Monteiro

State Bank of India (SBI), India’s largest lender has launched a Video KYC based account opening feature on its mobile banking app – YONO. This functionality will enable customers to open an account with SBI without having to visit a bank branch. This digital initiative powered by Artificial Intelligence (AI) and Facial Recognition Technology is a contactless and paperless process.

This Video KYC feature will be made available to customers planning to open a new savings account with SBI. To avail this new facility, the customer needs to download the YONO App, click on ‘New to SBI’, and select ‘Insta Plus Savings Account’. They will then have to enter their Aadhaar card details in the app and once the Aadhar authentication is complete they will have to input personal details and schedule a video call to complete the KYC process. On successful completion of Video KYC, the account will be automatically opened.

Speaking on the launch of this new feature, Mr. Dinesh Khara, Chairman, SBI said, “It gives us immense pleasure to announce the launch of online Savings Bank account opening facility which is very much necessary in the current pandemic situation. This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness. We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs. This development is yet another proof of our commitment to a digital India.”

Since its launch in Nov 2017, YONO said it has gained wide acceptance among customers with 80 million downloads and over 37 million registered users. SBI also claims to have partnered with over 100 e-Commerce players in more than 20 plus categories on the YONO platform. Other initiatives on this platform include YONO Krishi, YONO Cash, and PAPL and more.