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IndusInd Bank launches video KYC for savings account, credit card customers

IndusInd Bank launches video KYC for savings account, credit card customers

IndusInd Bank launches video KYC for savings account, credit card customers
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By CNBCTV18.com May 22, 2020 9:52:17 PM IST (Updated)

IndusInd Bank on Thursday said it has expanded the scope and capabilities of its state-of-the-art video banking services, with the integration of a ‘Video KYC’ platform.

IndusInd Bank on Thursday said it has expanded the scope and capabilities of its state-of-the-art video banking services, with the integration of a ‘Video KYC’ platform.

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“The video KYC services will simplify the on-boarding process for new customers seeking to open a savings account, or for those applying for a credit card from the bank,” the bank said in a statement.
The new facility will enable the bank to on-board customers using a live video-based interface, thereby, replacing the existing practice involving physical authentication of documents.
IndusInd Bank has also implemented a similar process for credit card applicants in partnership with BankBazaar – country’s financial marketplace.
"The launch of these services come close on the heels of the recent RBI guideline that allows banks to use Video KYC to validate the credentials of customers, as required by the regulators," the bank said.
To undertake the Video KYC process, customers will have to initiate the journey by clicking on a link received through SMS/email. They will be directed to Video KYC webpage. Thereafter, the customers will have to enter their mobile numbers and they will be authenticated through an OTP sent on the same number.
Post authentication, the customers will be connected to the Video KYC agents who will interact with users and collect KYC details such as – PAN, photograph, signature, location over a live video session.
Once all details are validated by the video banking representative, the customer’s KYC formalities will be completed within a few hours as per the bank’s processes.
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