back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

5 big Indian companies that successfully deployed Video KYC solutions

By Edil Corneille

September 10, 2020

  • Icici
  • India
  • Kotak Mahindra Bank
Share

Bank, building, Video KYCThe population of India is so vast, that it increasingly demands innovation in improved financial technology services. Financial institutions just cannot ignore these demands or else risk losing out on customers to the competition. This has forced banks to keep up with the trends in banking even in times where the Coronavirus (COVID-19) pandemic has made social distancing a norm in many countries. In fact, it can be argued that the crisis has acted as a catalyst for the increased rollout of digital services by institutions.

In the current times where individuals are wary of visiting bank branches for fear of contracting the virus, a challenge to onboard new customers arises. The Reserve Bank of India (RBI), which is the country’s central bank, approved Video KYC in January 2020, thereby allowing regulated entities such as banks to onboard customers using a live video-based interface created in compliance with the RBI’s KYC Master Direction. Financial institutions have deployed KYC solutions that make the process of onboarding more convenient without the need for customers to leave their home premises. Below is a list of 5 big Indian companies that have deployed the Video KYC solutions this year.

Kotak

Kotak Mahindra Bank (Kotak) announced the introduction of the Video KYC to open a full-fledged Kotak 811 savings account – said to be a first in Indian banking. This initiative, presently being launched on a pilot basis for savings accounts, is in alignment with Kotak’s digital-first strategy and is a start-to-end fully integrated, zero-contact, completely digital and paperless account opening in addition to a full KYC journey. The Video KYC process to onboard new customers will be extended to other products in a phased manner by the bank.

SBI Card

Gurgaon-based SBI Card launched the video know-your-customer (VKYC) feature which will enable customers to have a zero contact and a hassle-free onboarding process. According to media reports, SBI Card, in a press release stated, “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.”

ICICI

ICICI Bank, the Indian multinational banking and financial services company, announced today the launch of its ‘Video KYC’ facility. Retail customers of the bank can now complete the ‘Know Your Customer’ (KYC) process through a video interaction. This is significant especially in the current times of COVID-19 where social distancing is imperative and visits to a bank’s branch are risky. The Mumbai-based bank has ramped up its digital efforts in wake of the pandemic situation, so as to make it convenient for customers to avail of the products and services offered by the bank.

YES BANK

Mumbai-based YES BANK launched a full-service digital Savings Account where 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.

Capital Float

In June, HyperVerge announced the release of Video KYC solution with Capital Float, according to media reports. The solution allows a customer to remotely authenticate KYC verification with Capital Float which does not require the customer to visit the branch premises. The procedure is said to take 2 to 5 minutes and eliminates the tedious traditional verification processes for the borrower. The solution rests on Capital Float’s domain as per the regulation and supports all mandatory requirements. AI engines are used to augment the process.

Previous Article

September 10, 2020

Ethereum Classic Labs partners with Chainalysis

Read More
Next Article

September 10, 2020

Centre Consortium announces Algorand as an official chain for USDC

Read More










IBSi Daily News Analysis

The Weekly Wrap

August 19, 2022

Icici

The Weekly Wrap: all you need to know by Friday COB | August 19th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

August 19, 2022

6 FinTech Tweets you should see!

Read More

August 19, 2022

OpenFin appoints Vicky Sanders as Chief Digital Officer

Read More

August 19, 2022

PayNearby integrates government super app, UMANG

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022