SBI Card VKYC launched! Know how video-based customer identification process works

By: |
June 15, 2020 6:09 PM

SBI Card Video KYC process will enable seamless, safe, contactless customer on-boarding.

 SBI Card, VKYC , Video based Customer Identification Process, V-CIP, credit cardA customer needs to follow some simple steps for quick and easy KYC completion.

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

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Why you should thoroughly read sub-limit clause before buying a health insurance policy
2Income Tax Return filing: 10 important things individual taxpayers must know before filing ITR
3What are the risks of investing in Debt Funds? Find out