Along with the newly introduced banking facilities amid the pandemic to deliver banking services at the door step, IndusInd Bank has been at the vanguard of using innovative technologies to simplify the lives of customers with convenient banking experience. Video KYC is one of the tools that simplifies the operating paradigm through an effective end to end solution for on boarding new customers.
IndusInd Bank is the pioneer of video-based banking, which was launched in 2014, when the Bank launched the Video Branch service. The launch of the Video KYC based on-boarding facility is a natural and innovative extension to the capabilities of existing services and exemplifies the Bank’s continued use of innovation and technology towards finding convenient solutions for the customers.
What is KYC?
KYC means Know Your Customer/Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the identity of the customer when opening an account.
That is to say, banks must make sure that their customers are who they claim to be. Banks can deny to open an account or halt business relationship if the customer fails to meet minimum KYC requirements.
What is video KYC?
Video KYC is an initiative taken by the banks basis the RBI guidelines where the bank can verify customers through live video along with identity document verification. It beats the tedious old processes of having to visit the branch for verifying documents. Services such as opening savings account, fixed deposit account and applying for credit card can be performed through video KYC.
3 simple steps to IndusInd Bank video KYC process for:
Savings Bank Account
Step 1:Log in to the IndusInd website for video KYC through the link received via SMS/ email. Enter the registered mobile number, product type and captcha code. Thereafter, the customer needs to authenticate through an OTP sent on the same number. Post authentication, IndusInd Bank agent will make a video call to the customer who will interacts with him/her.
Step 2: The customer needs to share his location with the service agent, date of birth, pan card details followed by a picture captured by the service agent during the live video session.
Step 3: The customer needs to give his specimen signatures on a paper and hold it in front of the live video session screen for the executive to complete the KYC process.
Once all details are validated by the video banking representative, the customer’s KYC formalities are completed within a few hours as per the Bank’s processes.