MUMBAI: The country’s largest lender State Bank of India on Friday said it has launched a video KYC (know your customer) based savings account opening feature on its mobile banking app, Yono.
The initiative, powered by artificial intelligence and facial recognition technology, is a contactless and paperless process, the bank said in a release.
“This is a step ahead to ensure customers’ safety, financial security and cost-effectiveness. We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs,” the bank’s chairman Dinesh Khara said in the release.
The feature will be available to customers planning to open a new savings account with the lender.
To avail this new facility, a person needs to download Yono (You Only Need One) App, click on ‘New to SBI’, and select ‘Insta Plus Savings Account’.
Customers will have to enter their Aadhaar details in the app, and once the Aadhaar authentication is complete, they will have to input personal details and schedule a video call to complete the KYC process.
On successful completion of video KYC, the account will be automatically opened, the bank said.
Launched in November 2017, Yono has over 37 million registered users. The bank has partnered with over 100 e-commerce players in more than 20 plus categories on the Yono platform.