BankBazaar, country’s financial marketplace, has partnered with IndusInd Bank and SBI Card to facilitate contactless access to credit products via digital KYC and video KYC facilities.
“Contactless access to credit - meaning no meetings or paperwork, is the new normal, providing a way for consumers to access financial products in a safe and secure manner,” BankBazaar said in a statement,
Contactless solutions from both partners are live on BankBazaar platform and were launched amidst the COVID-19 lockdown in May 2020
Speaking about the partnership, Adhil Shetty, CEO, BankBazaar, said, “There has been a strong demand for digital alternatives to physical processes, and this has gone up significantly in the last few months. Digital KYC presents a secure, safe, consent-based option for customers to avail much-needed credit in these challenging times.
According to the company, the demand for paperless and contactless access to financial products existed long before the lockdown. In the last financial year, 60 percent of BankBazaar customers opted for paperless access if the option was given to them.
This trend received a shot in the arm over the last few months as COVID-19 crisis has forced people to rethink all face-to-face interactions. Contactless access to loans and credit cards can be provided via Video KYC, Central KYC (CKYC) and eKYC as enabled by the regulators.
“We have launched Video KYC - an end to end paperless, digital sourcing and onboarding process. Today, where social distancing has become the norm, our customers can avail a simple, secure, AI driven digital journey where they do not have to physically interact with anyone," Hardayal Prasad, MD & CEO, SBI Card said.
Video KYC is a technological development the Reserve Bank of India had approved in January 2020. It allows regulated entities such as commercial banks to onboard new customers using a live video-based interface created in compliance with the RBI’s KYC master direction, cutting the need for offline authentication of customers.
First Published: IST