Most of us would have read about the “ATM on wheels” service that was introduced recently by HDFC Bank, ICICI Bank, Axis Bank & Kotak Mahindra Bank in select cities, to bring the basic banking services to the customer’s doorstep.
In line with their digital first strategy, Kotak has taken the game a notch higher by launching India’s first zero touch video-based KYC platform to open a savings account.
In January, RBI had laid out detailed guidelines for making this possible, which was well received by various players in the industry.
So, how does V-CIP (Video Customer Identification Process) work?
Through a video call, the bank verifies the KYC documents & collects the customer’s signature. The entire process would be recorded & stored by the bank, & they also ensure the customer’s presence in the country through geo-tagging.
By combining multiple processes of digital checks, the entire KYC process is being made simpler & issues pertaining to ID theft is also eliminated. To address the security concerns, experts believe that entities should have their own app for interaction & RBI has even encouraged the use of AI for better identification, process integrity & customer security.
Video KYC definitely looks poised to be a game changer in the industry