Due to the nationwide lockdown, the SBI Card, today launched a video-based KYC (Know Your Customer) feature also known as the VKYC feature. This feature offers a zero contact, simple customer on-boarding procedure, and digital banking experience.
However, as per the guidelines of Reserve Bank of India to make the process safe and secure for the customer, various techniques have been used to make this feature such as face recognition, AI enables OCR, Instant photo face recognition, AI-enabled, dynamic verification code, geotagging, etc.
The process for the same is mentioned in detail below:
- You need to fill the application on SBI Card website or via the tele-calling platform
- An appointment for VKYC from you and the link for the same will be provided to you
- Now, through this link, you need to fill the details such your Name, Date of Birth, PAN Number
- You also have to upload an XML copy of your Aadhaar Card
- A video call will now be initiated for a face to face interaction with an officer of SBI Card with the help of a dynamic verification code
- You have to show your PAN Card on the video call for verification of PAN via AI-enabled OCR
- Your photograph will also be taken during the video call using facial recognition software and will be matched with your PAN Card and uploaded Aadhaar Card
- Now, to verify your location in India geotagging will also be done
- After the successful verification process, the VKYC will be complete
- You will have to sign the application process via the E-sign process
COVID-19 is going to have a huge impact on how the banking industry functions. Banks will be more digitally-driven and less physical presence would be required. VKYC by SBI is one such step and many other banks are expected to follow this suite giving a boost to the digital financial ecosystem.