India-based private bank IDFC First Bank has introduced its video-based KYC facility so that customers can open new savings accounts without the need to visit a branch office.
In a statement, IDFC First Bank said, “The digital facility offers customers a branch-like experience at home, making it possible to meet bankers virtually, at a time convenient to the customer. The zero contact method completely does away with paperwork or biometric verification, thereby removing physical interaction between the bank and customer from the KYC process.”
Speaking on the launch, Amit Kumar, Head of Retail Liabilities, IDFC First Bank said, “As a customer-focused bank, we are building digital experiences that make customers feel secure and engaged while keeping the in-branch experience alive. Video KYC makes the online journey for opening Savings Accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the Bank to complete the process.”
“Customers can start earning 7% interest and maximize their returns on funds held or invested anywhere else. This is especially relevant in the current time given the loss of incomes and low returns offered by most other options,” Kumar added.
“As the coronavirus pandemic has altered the way customers want to interact with their banks as they increasingly rely on digital and mobile channels to transact. As a bank that is at the forefront of creating new digital experiences, IDFC FIRST has responded quickly to this evolving need, making it possible to maintain social distancing, while giving customers access to personalized human support,” the statement said.
Adding to the statement, IDFC Bank said, “RBI-sanctioned video-based process for opening an online savings account allows customers to open full-fledged savings account with no limit on maximum balance.”
“When a savings account is opened online customers are sent a user-specific video KYC link and the Bank’s representative completes the KYC on the video call. The Bank has strict controls in place to ensure the security of customer data in line with regulators,” the statement added.