NEW DELHI / MUMBAI / RAJKOT - In a regulatory filing as submitted to the Indian Stock Exchanges, major Indian bank State Bank of India Ltd's New Delhi headquartered financial services providing arm SBI Cards and Payment Services Ltd said of having launched Video based Customer Identification Process (V-CIP), a kind of Video KYC process which will enable seamless, safe, contactless customer on-boarding.
In a press-release titled, "SBI Card launches Video based Customer Identification Process (V-CIP)", as attached and enclosed with the regulatory filing as submitted by the company to the Indian Bourses, further read that, SBI Card, India's largest pure-play credit card issuer, today announced the launch of Video Know Your Customer (VKYC) feature to ensure zero contact, hassle free customer on boarding process.
This launch is in line with SBI Card' s endeavor to establish an end to end paperless, digital sourcing and onboarding process.
VKYC launch will not only have a substantia l impact on fraud reduction, but it w ill also reduce cost of the KYC process by nearly half.
SBI Card has launched VKYC following recent Reserve Bank of India (RBI) guidelines permitting VCIP as a method of establishing customer identity together wit h E-Sign process.
VKYC offers a simple, presence-less journey where a customer does not have to physically interact with anyone.
In the digit al customer onboarding journey, E-sign process helps in obtaining digital signature from the applicant on a digital application form.
The Applicant receives his application form in PDF format for validating t he details he had provided.
After verifying details, applicant digitally e-signs the application form and card processing can commence.
With social distancing being the new normal, VKYC enables a customer to undergo a completely presence-less journey, without the need to physically interact with anyone.
VKYC process uses techniques such as facial recognition, Dynamic Verification code, Al enabled OCR, Live Photo Capture facial recognition, OCR, geotagging etc, as mandated by RBI guidelines, making it more safe and secure than physical KYC process.
Technology infrastructure and systems are a key competitive strength for SBI Card.
SBI Card has made significant investments in technology infrastructure.
Its technology systems leverage artificial intelligence and process automation technologies across functions, to improve customer experience and enhance operational efficiencies.
SBI Card VKYC: How It Works?
A customer needs to follow some simple steps for quick and easy KYC completion
- Customer fills application form on S81 Card website or through tele-calling channel
- Appoint ment is taken for VKYC from customer and link for VKYC is sent to customer
- Through the link, customer fills his/ her details - Name / Date of Birth / Pan Number and uploads XML copy of Aadhaar
- Face to face video call is initiated with SBI Card officer through a dynamic verification code
a) Customer shows his/ her PAN card on video call for PAN verification through Al enabled OCR
b) Photo of applicant is taken during video call and matched, using facial recognition software, with the one on Aadhaar and PAN Card
c) Location geotagging is done to verify t hat customer is in India - Once everything matches, VKYC is complete
- Application form is digitally signed by applicant through E-sign process
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