Overview

State Bank of India (UK) Limited, a subsidiary of India’s largest bank, State Bank of India (SBI), has partnered with Onfido to streamline its customer verification process. The main objective of this collaboration is to significantly reduce the time required for customer verification, aiming to decrease it from the conventional 24 hours to just a few minutes. By utilizing Onfido’s advanced AI-powered identity verification and authentication solutions, SBI (UK) Ltd seeks to enhance its Know Your Customer (KYC) processes, incorporating biometrics and AI-driven document verification. This transformation allows SBI (UK) Ltd to remotely onboard its customers in the UK more efficiently

One of the project’s primary goals is to improve the overall user experience by simplifying the onboarding process. Additionally, it ensures compliance with strict KYC and anti-money laundering (AML) regulations while enhancing fraud detection and protection. The integration of biometric technology plays a crucial role in verifying customer identities, as it matches the photo on their ID with a selfie, thereby confirming the legitimacy of the identity. With Onfido’s technology covering identity documents from 195 countries, the project offers international coverage, catering to SBI (UK) Ltd’s diverse customer base.

Implementation Process

The implementation of Onfido’s AI-powered identity verification solution at State Bank of India (UK) Limited involved a structured and phased approach. The process commenced with a thorough assessment of SBI (UK) Ltd’s existing customer verification procedures and the identification of pain points and areas for improvement. Subsequently, Onfido’s Real Identity Platform was integrated seamlessly into the bank’s digital onboarding system.

Key milestones in the implementation included the development of a user-friendly online interface where customers could securely upload their government-issued IDs and capture a short selfie video. Onfido’s technology then came into play, conducting real-time verifications to ensure the authenticity of the documents and the matching of the ID photo with the user’s selfie. Throughout the implementation, Onfido’s expertise in global identity verification, coupled with its anti-bias capabilities, ensured a robust and fair verification process.

Benefits Achieved

• Faster Customer Onboarding: Customers can now verify themselves quickly and securely within minutes.
• Enhanced Security: The use of biometrics and AI-powered document verification ensures a high level of security and accuracy in customer verification.
• Regulatory Compliance: The project helps SBI (UK) Ltd comply with KYC and AML regulations more efficiently
• Improved Customer Experience: The streamlined onboarding process contributes to an improved overall customer experience.
• Global Coverage: Onfido’s solution provides coverage for customers from various countries, facilitating international operations.

Conclusion

The partnership between State Bank of India (UK) Limited and Onfido represents a significant step forward in the realm of digital identity verification and customer onboarding. By harnessing Onfido’s advanced AI-powered technology, SBI (UK) Ltd has successfully streamlined its Know Your Customer (KYC) processes, reducing customer verification time from 24 hours to just minutes. This transformation not only enhances the efficiency of onboarding procedures but also ensures compliance with stringent KYC and antimoney laundering (AML) regulations.

Onfido’s global coverage and extensive document verification capabilities have played a pivotal role in achieving these remarkable results. The integration of biometrics and AI-driven checks ensures a secure and user-friendly online experience, safeguarding customers’ financial transactions.

Key Facts

Bank Name: SBI UK
Bank Founded In: 1955
Bank HQ: India
Vendor Name: Onfido
Solution Implemented: Automated AI-powered identity verfication