IDFC FIRST Bank has announced the launch of video KYC for its online savings accounts opening journey. The start-to-finish digital journey makes Savings Account opening a delight, as it enables customers to complete the paperless KYC process in approximately two minutes.
The digital facility offers customers a branch-like experience at home, making it possible to meet bankers virtually, at a time convenient to the customer. The zero contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the KYC process.
Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank said, “As a customer-focused bank, we are building digital experiences that make customers feel secure and engaged, while keeping the in-branch experience alive. Video KYC makes the online journey for opening Savings Accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the Bank to complete the process. Customers can start earning 7% interest and maximise their returns on funds held or invested anywhere else. This is especially relevant in the current times given loss of incomes and low returns offered by most other options.”
The RBI-sanctioned video based KYC process for opening of online savings account allows customers to open a full-fledged savings account with no limit on maximum account balance.
When a savings account is opened online, customers are sent a user-specific video KYC link and the Bank’s representative completes the KYC on the video call. The Bank has strict controls in place to ensure security of customer data, in line with regulations.