Another big step towards Digital India mission by SBI Card; this new facility launched

In yet another big step towards Digital India, SBI Card has launched a video-based customer identification process. SBI Card has announced the launch of Video Know Your Customer (VKYC) feature to ensure zero contact, hassle-free customer onboarding process. SBI Card has launched VKYC following recent RBI guidelines permitting Video-based Customer Identification Process (V-CIP) as a method of establishing customer identity together with e-sign process.

Benefit of VKYC?

- With social distancing being the new normal, VKYC enables a customer to undergo a completely presence-less journey, without the need to physically interact with anyone.

How VKYC works?

VKYC process uses techniques such as facial recognition, dynamic verification code, live photo capture facial recognition, and geo tagging among others, as mandated by RBI guidelines, making it more safe and secure than physical KYC process.

"This launch is in line with SBI Card's endeavour to establish an end-to-end paperless, digital sourcing and onboarding process," India's largest pure-play credit card issuer said in a statement. "VKYC launch will not only have a substantial impact on fraud reduction, but it will also reduce cost of the KYC process by nearly half," the statement added.

"We are a technology-driven company and have made strategic investments to create state-of-the art infrastructure, both at the back end and front end, to improve our user experience. Technology has been meticulously deployed to digitise the customer journey at every step and make the entire process seamless," said Hardayal Prasad, MD and CEO, SBI Card said. Further, Prasad added, "In a scenario, where social distancing has become the norm, this feature holds immense relevance for the customers. We expect it to gain significant traction."