Equitas Small Finance Bank unveils Video KYC Account - A snippet!

The bank completes KYC procedures of customers using Artificial intelligence

Jul 03, 2020 04:07 IST India Infoline News Service

Equitas Holdings on Friday told exchanges that its subsidiary Equitas Small Finance Bank becomes one of the leading banks in the country to launch video KYC account. The bank completes KYC procedures of customers using Artificial intelligence. This allows citizens across India to open a savings account with Equitas by completing the full KYC through video with the Bank employee and start enjoying the benefit of high quality Do It Yourself (DIY) service as well as the better interest rates on the account.

Murali Vaidyanathan, President & Country Head - Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance BankLimited, said, “Equitas SFB has always provided a better experience for its customers. Today, Equitas SFB is bringing ina new digital banking experience to its customers, the new video KYC account is a step forward towards our vision. This will ensure contactless, no branch visit and hassle-free account opening and transactions for customers.”

Here are some of the features of Video KYC account works, as per the filing by Equitas Holdings:
  • A customer receives SMS.
  • Fills form before VKYC.
  • Agent panel can see & interact with the customer video & customer’s location.
  • Random questions are asked from the customer to check the liveliness of the person.
  • Customer’s Aadhaar details are confirmed during the Video call with previously submitted documents while opening the selfie account.
  • Wet signature is collected from the user by asking the user to switch the camera from front to rear and signing on a white paper.
  • Customers are asked to submit the PAN card through the rear camera. The process can be extended to add images to be collected if required.
  • Facial recognition is done on the image captured during the video call with the image as per the documenting banking records.
  • Customer is also asked for a debit card/cheque book confirmation for issuance request to be taken on the same video call. Communication address is also verified on the video call.
  • The checker(s) can access this transaction by logging in their panel which will list all the available transactions.
  • Rejection can be turned into a retry SMS with a reason for rejection.

On Sensex, the Equitas Holding stock ended at Rs53.50 per piece down by 2.37%.

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