In light of digital transformation and recent advancements in the financial and banking sectors, the Reserve Bank of India has now permitted regulated organizations, including banks, to complete the KYC verification via video chat.
Financial institutions use the Know Your Customer (KYC) method to verify a customer’s identity, which is one of the obligatory procedures.
Top public and private sector banks like SBI, HDFC, and others offer a video KYC option for opening a bank account.
Utilizing a video call, users of video-based KYC can carry out remote KYC from any location. The verifier uses a video call, not traditional methods, to verify the documents, check their liveliness, and locate the individual.
How to conduct video KYC:
- Visit the required bank website
- Schedule a video call
- You will receive an automatic email or SMS confirmation with a joining link
- Get on a video call with a bank official
- OSV Checks of Officially Valid Documents
- Real-time image capture, erratic bodily motions, and other liveliness tests
- Address Verification using Google Maps and Geotagging by the Customer
- Face Match with Documents & Validation
- After verification, the verifier accepts or rejects the KYC application.
- The auditor examines the information and completes the application.
The following are a few examples of banks that have successfully implemented video KYC solutions:
State Bank of India
Kotak Mahindra Bank
HDFC Bank
ICICI Bank
Yes Bank
