The video KYC services should simplify the onboarding process for new customers seeking to open a savings account, or for those applying for a credit card from the bank, as the new facility enables the bank to onboard customers using a live video-based interface. With this, new customers can 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.
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 him/her and collects KYC details such as – PAN, photo, signature, location over a live video session.
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