YES BANK launches digital Savings Account; introduces video KYC

By Edil Corneille

Mumbai-based YES BANK has announced today the launch of a full-service digital Savings Account. Along with the account launch, the Indian public bank has introduced a paperless video KYC feature where consumers can open the account digitally through e-KYC and get a virtual debit card.

The significance of the e-KYC is that there is no requirement to visit the branch of a bank to open an account. The ‘zero contact’ feature verifies the information of the customer through video. In times of COVID-19 where it is imperative to contain the spread of the Coronavirus, this feature is beneficial to customers and will enable them to open accounts without the hassle of visiting a bank’s branch.

Rajan Pental, Global Retail Head, YES BANK said, “The world as we know it has transformed, wherein we are now adjusting to a new way of life, a new world which has brought us socially even closer while we continue to remain physically distant. The connecting factor binding us all is digital – video calls with family & friends, virtual workouts, e-learning and working from home, among others. Leveraging on YES BANK’s strong technology capabilities along with a higher interest rate, we are geared to serve customers in this new world with a digital solution that brings the Bank to them wherever they are, right at their fingertips.”

Also, Read: ICICI Bank launches ‘Video KYC’ making it easier for customers to open accounts in COVID-19 times

With the launch of the digital facility, the bank aims to embrace inclusivity by widening its reach to cater to a diverse customer base, especially in tier 1 and tier 2 cities. The bank has apprised that this is in line with its strategy of building a transformed ‘Digital Bank’.

The account opening experience is a completely contactless and a paperless one. The bank’s virtual debit card which comes with the digital savings account, can unlock over 100 features through the YES Mobile and web which include transactions, fund transfers and online shopping.