India-based IDFC FIRST Bank, created by the merger of IDFC Bank and Capital First, has launched video KYC for its online Savings Accounts opening journey.
The pandemic has altered the way customers want to interact with their banks as they rely on digital and mobile channels to transact. The new solution assists customers to complete the paperless KYC process in approximately two minutes and avail the industry’s best interest rates on savings balances, according to the official press release.
The digital facility offers customers a branch-like experience at home, making it possible to meet bankers virtually, at a time convenient to the customer. When a savings account is opened online, customers are sent a user-specific video KYC link and the Bank’s representative completes the KYC on the video call. The Bank has strict controls in place to ensure security of customer data, in line with regulations.
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