SBI Cards & Payments Services has launched of Video Know Your Customer (VKYC) feature to ensure zero contact, hassle free customer onboarding process. This launch is in line with SBI Card's endeavour to establish an end to end paperless, digital sourcing and onboarding process. VKYC launch will not only have a substantial impact on fraud reduction, but it will also reduce cost of the KYC process by nearly half.
The VKYC has launched following recent Reserve Bank of India (RBI) guidelines permitting VCIP as a method of establishing customer identity together with E-Sign process. VKYC offers a simple, presenceless journey where a customer does not have to physically interact with anyone. In the digital customer onboarding journey, E-sign process helps in obtaining digital signature from the applicant on a digital application form. The Applicant receives his application form in PDF format for validating the details he had provided. After verifying details, applicant digitally e-signs the application form and card processing can commence.
SBI Cards & Payments Services is a payment solutions provider in India.
