Kotak launched this initiative on a pilot basis for a zero-contact customer onboarding on its digital banking platform Kotak 811, amid the COVID-19 pandemic. According to Verdict, the move is in line with Kotak’s digital-first strategy to provide customers with a fully-digital and paperless account opening.
Using the Video KYC feature, customers can submit their KYC documents and signature via a video call with the bank. This eliminates the need for a branch visit, sharing of physical documents or submitting biometric verification to open an account.
Upon completion of the Video KYC, customers will receive full-fledged savings account with no restrictions on deposits and account balances.
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