Video KYC: Kotak Mahindra poised for the first mover advantage

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

#innovation #digitalbanking

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