State Bank of India (SBI) has launched a Video KYC (know your customer) based account opening feature on its mobile banking app – YONO.
This functionality will help customers open an account with India’s largest commercial bank without having to visit a bank branch, SBI said in a statement.
This digital initiative, powered by Artificial Intelligence (AI) and Facial Recognition Technology, is a contactless and paperless process.
“To avail this new facility, all that a person needs to do is download the YONO App, click on ‘New to SBI’, and select ‘Insta Plus Savings Account’.
“They will have to enter their Aadhaar details in the app and once the Aadhaar authentication is complete they will have to input personal details and schedule a video call to complete the KYC process,” the statement said.
On successful completion of Video KYC, the account will be automatically opened.
Dinesh Khara, Chairman, SBI, said the launch of online Savings Bank account opening facility is very much necessary in the current pandemic situation.
This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness, he added.
Since its launch in November 2017, YONO saw 80 million downloads and over 37 million registered users, the statement said.
SBI has partnered with over 100 e-commerce players in more than 20 plus categories on the YONO platform.