ICICI Bank has launched a video know-your-customer (KYC) facility for its retail customers. According to a press release, this facility will be available for new customers to open a
savings account, including a salary account, or avail a
personal loan. The facility is also available for customers applying for 'Amazon Pay ICICI Bank
Credit Card'. "The Bank will shortly extend the '
Video KYC' facility to other variants of credit cards, home loans and other retail products," stated the press release.
Anup Bagchi, executive sirector, ICICI Bank said: "Armed with a digital device, PAN card, a pen and paper, a customer can complete his/her KYC process from their home in a matter of few minutes. We have integrated a robust 'Video KYC' platform to the account opening, personal loan and credit card processes that makes the experience for the customer simple and secure. Through this process, the new customer's savings/salary account gets fully operational in a matter of few hours."
"This facility assumes special significance at this time, where in the 'new normal', people are advised to conduct their activities digitally, as part of their continuing precaution against the Coronavirus pandemic," Bagchi added.
Who can use this facility
- When a new customer opens online 'Insta Save' Savings Account, an instant account, he/she gets the option for 'Video KYC'.
- The customer gets the same option when he/she applies for the 'Amazon Pay ICICI Bank Credit Card'.
- The 'Video KYC' facility is also available for other savings account variants like 'The One', Gold Privilege account; salary accounts and personal loan.
- To avail the facility, customers can connect with the Relationship Manager or branch official.
- During the process, the verification of a prospective customer's KYC documents and signature are recorded via a video call with an ICICI Bank officer, thus doing away with the need of the customer physically visiting a bank branch.
How to use video KYC
A prospective customer can avail the Video KYC facility by following these steps:
- Apply for opening an account / availing a personal loan or credit card: Customers can apply for an 'Insta Save' Savings Account by visiting the Bank's website. Here, the customer needs to enter PAN, authenticate using Aadhaar and OTP and furnish few other personal demographic details. They can apply for other variants of saving accounts and personal loan also online or at a bank branch, while they can visit the Amazon app to apply for the 'Amazon Pay ICICI Bank Credit Card'.
- Click on Video KYC tab: Once the 'Insta Save' account is opened or the application is done for personal loan/credit card, the customer needs to click on the 'Video KYC' tab visible online or the link received from a bank official. He/she also requires to allow access to the location on the device for geo-tagging within the country, as per the regulatory guidelines. They will then be routed to an ICICI Bank officer who conducts the KYC in real time. This takes only a few minutes
- Submit details for Video KYC: The customer just requires to keep handy his/her PAN card, a blank white sheet of paper and a blue / black pen. Additionally, they also need to ensure robust data connectivity, as the Bank officer records the PAN image along with the customer's signature and facial image via the video call. The Video KYC system simultaneously uses artificial intelligence based facial recognition feature to match the customer with his/her photo available on the Aadhaar site. The Bank's system records and stores all Video KYCs.
- Post the Video KYC, the savings / salary account, the savings/salary account customer gets a fully operational bank account without any restrictions of account balance or deposit. This entire process takes only a few hours to complete. For personal loan and credit card customers, the application moves ahead for further processing.