Coronavirus pandemic requires social distancing to be observed carefully to prevent the spread of the disease. The VKYC will allow customers to get on board with a bank virtually without any need to physically present or interact with anyone.
Also, the VKYC uses virtual techniques such as facial recognition, dynamic verification code, live photo capture facial recognition, and Geotagging. As per reports, these guidelines have been directed by the Reserve Bank of India thus making at safer 4 people rather than the physical KYC process.
Hardayal Prasad, MD, and CEO, SBI Card said, “We are a technology-driven company and have made strategic investments to create state-of-the-art infrastructure, both at the back end and front end, to improve our user experience.”
The bank said that the launch of the VKYC will help reduce the frauds significantly along with slash and the cost of the KYC process by nearly half of what it was before.
Here is a step by step procedure for onboarding through the VKYC feature:
Next, a photo of you will be taken during the video call, and using the facial recognition software, it will be matched with the one that is available on Aadhar Card and your PAN card…Read more>>