ICICI Bank today announced the launch of a facility that allows retail clients to complete the ‘Know Your Customer’ (KYC) process, which is required to open a new relationship with the Bank, through a video interaction.
The Bank first made the facility available to new clients wishing to open a savings account, including a salary account, or to benefit from a personal loan with the Bank. The facility is also available for customers requesting an “Amazon Pay ICICI Bank Credit Card”, a very popular credit card variant. The Bank will soon extend the “Video KYC” facility to other variants of credit cards, home loans and other retail products.
The Bank is the first in the sector to offer this possibility of opening salary accounts and benefiting from a personal loan. This feature is convenient for customers as it allows them to complete the KYC process digitally in minutes, without physically meeting with a bank manager at the branch or at their home. This takes on even more importance during the ongoing coronavirus pandemic, as new customers can fulfill their KYC requirements for a range of banking services both remotely and digitally. The launch is in line with ICICI Bank’s rich heritage of providing customers with more convenience through digital processes and solutions, and is based on guidance from the RBI’s new KYC standards.
Commenting on the new launch, Mr. Anup Bagchi, Executive Director of ICICI Bank, said: “The ability to perform KYC verification via video interaction brings a new paradigm as it makes the whole process digital, frictionless and fast for the customer. This is of particular importance at this time, when in the ‘new normal’ people are advised to conduct their business digitally, as part of their continued precaution against the coronavirus pandemic.
Armed with a digital device, PAN card, pen and paper, a customer can complete their KYC process from home in minutes. We have integrated a robust “Video KYC” platform into the account opening, personal loan and credit card processes, making the customer experience simple and secure. Thanks to this process, the new client’s savings / salary account becomes fully operational within a few hours. We believe the “Video KYC” feature helps clients and lenders forge a new banking relationship quickly and securely, without any physical contact. ”
When a new customer opens an “Insta Save” online savings account, an instant account, he / she gets the “KYC Video” option. The customer has the same option when they apply for the “Amazon Pay ICICI bank credit card”. The “Video KYC” function is also available for other savings account variants such as “The One”, the Gold Privilege account; payroll and personal loan accounts. To take advantage of the facility, customers can connect with the relationship manager or branch manager. During the process, verification of KYC documents and a potential client’s signature is recorded via a video call with an ICICI bank agent, eliminating the need for the client to physically go to a bank branch. It also saves the customer a considerable amount of time as it only takes a few minutes compared to the paper-intensive KYC verification process in person at a bank branch which takes longer.
A potential customer (Indian citizen residing in India at the time of opening the account) can benefit from the Video KYC feature by following these simple steps:
1) Apply for Account Opening / Personal Loan or Credit Card: Customers can apply for an “Insta Save” savings account by visiting the Bank’s website. Here the customer needs to enter the PAN, authenticate using Aadhaar and OTP, and provide some other personal demographic information. They can apply for other variations of savings and personal loan accounts also online or at a bank branch, while they can visit the Amazon app to apply for the “Amazon Pay ICICI bank credit card”.
2) Click on the KYC Video tab: Once the ‘Insta Save’ account has been opened or the personal loan / credit card request has been made, the customer must click on the ‘KYC Video’ tab visible online or on the link received from an official bank. He / she must also allow access to the location on the device for in-country geolocation, in accordance with regulatory guidelines. They will then be routed to an ICICI Bank agent who performs the KYC in real time. This will take only few minutes.
3) Submit details for Video KYC: The customer just needs to have their PAN card, a blank white sheet of paper and a blue / black pen handy. In addition, they also need to ensure robust data connectivity, as the bank agent records the PAN image as well as the customer’s signature and facial image through the video call. The Video KYC system simultaneously uses an artificial intelligence-based facial recognition feature to match the customer with their photo available on the Aadhaar site. The bank system records and stores all KYC video.
Post KYC video, savings / salary account, savings / salary account client get fully working bank account without any account balance or deposit restriction. This whole process only takes a few hours. For personal loan and credit card customers, the application advances for further processing.