SBI Card VKYC: 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 endeavour to establish an end to end paperless, digital sourcing and onboarding process. VKYC launch will not only have a substantial impact on fraud reduction, but it will 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 with E-Sign process. VKYC offers a simple, presence-less journey where a customer does not have to physically interact with anyone. In the digital 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 the details he had provided. After verifying details, applicant digitally e-signs the application form and card processing can commence.
SBI Card VKYC – How It Works
A customer needs to follow some simple steps for quick and easy KYC completion
1. Customer fills application form on SBI Card website or through tele-calling channel
2. Appointment is taken for VKYC from customer and link for VKYC is sent to customer
3. Through the link, customer fills his/her details – Name| Date of Birth | Pan Number and uploads XML copy of Aadhaar
4. 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 AI 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 that customer is in India
5. Once everything matches, VKYC is complete
6. Application form is digitally signed by applicant through E-sign process