IndusInd Bank savings account and credit card customers now have access to ‘Video KYC’

IndusInd Bank announced that it has expanded the scope and capabilities of its video banking services, with the integration of a ‘Video KYC’ platform. The video KYC services will simplify the on-boarding process for new customers seeking to open a savings account, or for those applying for a credit card from the bank. This video KYC at IndusInd bank offers a fully integrated, zero-contact, completely digital account opening facility as well as a process for booking fixed deposits in just a few steps. It enables credit card customers to submit applications and get them processed digitally – a first-of-its-kind service in the banking industry.

Speaking on the video KYC launch Soumitra Sen, Country Head - Consumer Banking at IndusInd Bank, said “IndusInd Bank has been at the forefront of using innovative technologies to simply the lives of customers and to provide them with convenient banking platforms. As pioneers of Video banking, we are always looking to build capabilities that cater to the financial needs of our customers in the form of convenient banking solutions. Video KYC is one such capability which will simplify the operating paradigm through an effective end to end solution for on boarding new customers. This is a significant breakthrough in the on boarding journey.”

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IndusInd video KYC facility enables the bank to on-board customers using a live video-based interface, thereby, replacing the existing practice involving physical authentication of documents. With this, customers who are new to the Bank can request for opening an IndusInd Bank savings account and complete the entire formalities from their homes or offices, without any direct physical interaction or meeting with bank officials.

In addition to the Video KYC services being provided for opening of Savings accounts, IndusInd Bank has already implemented a similar process for credit card applicants in partnership with Bank Bazaar, the country’s leading financial marketplace. This integration will provide a completely digital-fulfillment paradigm for credit card application fulfillment and is a first-of-its-kind service in the banking industry. The launch of these services come close on the heels of the recent RBI guideline that allows banks to use Video KYC to validate the credentials of customers, as required by the regulators.  

To undertake the Video KYC process, a customer initiates the journey by clicking a link received through SMS or Email and is directed to Video KYC web page. Thereafter, the customer needs to enter his or her mobile number and is authenticated through an OTP sent on the same number. Post authentication, the customer is connected to the Video KYC agent who interacts with the him/her and collects KYC details such as – PAN, Photograph, Signature, Location over a live video session.