India’s largest lender State Bank of India (SBI) has launched a Video KYC-based account opening option on its mobile banking app – YONO. This facility will help customers in opening an account with SBI without the requirement to visit a bank branch, said the bank in a statement.
This digital initiative is powered by Artificial Intelligence (AI) and Facial Recognition Technology and it is a contactless and paperless process, added the bank.
This video KYC feature will be available to the customers who are planning to open a new savings account with SBI. For availing this new facility, the interested person should have to download the YONO App, click on ‘New to SBI’, and select ‘Insta Plus Savings Account’. They will then have to enter their Aadhaar details in the app and once the Aadhar authentication is complete they will have to input personal details and schedule a video call to complete the KYC process. On completion of Video KYC successfully, the account will be automatically opened, SBI said.
Dinesh Khara, Chairman, SBI said, “This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness. We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs.”