IndusInd Bank announced that it has expanded the scope and capabilities of its state-of-the-art 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.
The new 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 BankBazaar, the country’s leading financial marketplace. This integration will provide a completely digital-fulfilment paradigm for credit card application fulfilment 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.
Talking about the new proposition, Mr. Soumitra Sen, Country Head – Consumer Banking, 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.”
To undertake the Video KYC process, a customer initiates the journey by clicking a link received through SMS/ Email and is directed to Video KYC webpage. Thereafter, the customer needs to enter his/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.
Once all details are validated by the video banking representative, the customer’s KYC formalities are completed within a few hours as per the Bank’s processes.