ICICI Bank launches ‘Video KYC’ making it easier for customers to open accounts in COVID-19 times
By Edil Corneille
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 the products and services offered by the bank. This month itself, the bank launched the ‘Insta Education Loan’ digital facility for education loans up to INR 10 million and, introduced ‘Insta FlexiCash’ for salary account customers to get an approval for an overdraft (OD) instantaneously in a paperless manner.
A KYC process in India is required to open a new relationship with a bank. ICICI Bank has made the facility available for new customers keen to open a savings account, including a salary account, or avail a personal loan with the bank. The facility is also available for customers applying for the Amazon Pay ICICI Bank Credit Card, which is a credit card variant. The bank will shortly extend the ‘Video KYC’ facility to other variants of credit cards, home loans and other retail products.
Anup Bagchi, Executive Director, ICICI Bank elucidated, “The facility of doing KYC verification through video interaction brings in a new paradigm as it makes the whole process digital, frictionless and fast to the customer. It assumes special significance at this time, where in the ‘new normal’, people are advised to conduct their activities digitally, as part of their continuing precaution against the Coronavirus pandemic.
Armed with a digital device, PAN card, a pen and paper, a customer can complete his/her KYC process from their home in a matter of few minutes. We have integrated a robust ‘Video KYC’ platform to the account opening, personal loan and credit card processes that makes the experience for the customer simple and secure. Through this process, the new customer’s savings/salary account gets fully operational in a matter of few hours. We believe that the ‘Video KYC’ facility helps customers and lenders alike to forge a new banking relationship quickly and safely, with zero physical contact.”
New customers get the option for ‘Video KYC’ while they open an online ‘Insta Save’ Savings Account. Customers get the same option when they apply for the ‘Amazon Pay ICICI Bank Credit Card’. The facility is available for other savings account variants as well, such as ‘The One’ and Gold Privilege accounts. It is also available for salary accounts and personal loans. During the process, the verification of a prospective customer’s KYC documents and signature are recorded via a video call with an ICICI Bank officer.
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