ICICI Bank today announced the launch of a facility that empowers retail customers
to complete the ‘Know Your Customer’ (KYC) process, which is required to open a new
relationship with the Bank, through video interaction. The Bank has, to begin with, made the
facility available for new customers keen to open a savings account, including a salary account,
or avail a personal loan with the Bank. The facility is also available for customers applying for
‘Amazon Pay ICICI Bank Credit Card’, a widely popular credit card variant. The Bank will shortly
extend the ‘Video KYC’ facility to other variants of credit cards, home loans and other retail
products.
The Bank is the first in the industry to offer this facility for opening salary accounts and availing
a personal loan. This facility comes handy for customers as it allows them to complete the KYC
process digitally within a few minutes, without physically meeting a bank official at the branch
or their home. It gains even more significance during the ongoing Coronavirus pandemic, as
new customers can complete their KYC requirements for an array of banking services remotely
and digitally. The launch is in line with ICICI Bank’s rich legacy of offering customers more
convenience through digital processes and solutions, and is based on the guidelines of the
RBI’s new KYC norms.
Commenting on the new launch, Mr. Anup Bagchi, Executive Director, ICICI Bank
said, “The facility of doing KYC verification through video interaction brings in a new paradigm
as it makes the whole process digital, frictionless and fast to the customer. It assumes special
significance at this time, where in the ‘new normal’, people are advised to conduct their
activities digitally, as part of their continuing precaution against the Coronavirus pandemic.
Armed with a digital device, PAN card, a pen and paper, a customer can complete his/her KYC
process from their home in a matter of few minutes. We have integrated a robust ‘Video KYC’
platform to the account opening, personal loan and credit card processes that makes the
experience for the customer simple and secure. Through this process, the new customer’s
savings/salary account gets fully operational in a matter of few hours. We believe that the ‘Video
KYC’ facility helps customers and lenders alike to forge a new banking relationship quickly and
safely, with zero physical contact.”
When a new customer opens online ‘Insta Save’ Savings Account, an instant account, he/she
gets the option for ‘Video KYC’. The customer gets the same option when he/she applies for
the ‘Amazon Pay ICICI Bank Credit Card’. The ‘Video KYC’ facility is also available for other
savings account variants like ‘The One’, Gold Privilege account; salary accounts and personal
loan. To avail the facility, customers can connect with the Relationship Manager or branch
official. During the process, the verification of a prospective customer’s KYC documents and
signature are recorded via a video call with an ICICI Bank officer, thus doing away with the need
of the customer physically visiting a bank branch. It also brings forth the convenience of
significant time-saving to the customer as it takes only a few minutes as against the paperintensive, in-person KYC verification process at a bank branch that is more time consuming.
A prospective customer (Indian citizen residing in India at the time of account opening) can
avail the Video KYC facility by following these simple steps:
1) Apply for opening an account / availing a personal loan or credit card: Customers
can apply for an ‘Insta Save’ Savings Account by visiting the Bank’s website. Here, the
customer needs to enter PAN, authenticate using Aadhaar and OTP and furnish few other
personal demographic details. They can apply for other variants of saving accounts and
personal loan also online or at a bank branch, while they can visit the Amazon app to apply
for the ‘Amazon Pay ICICI Bank Credit Card’.
2) Click on Video KYC tab: Once the ‘Insta Save’ account is opened or the application is
done for personal loan/credit card, the customer needs to click on the ‘Video KYC’ tab
visible online or the link received from a bank official. He/she also requires to allow access
to the location on the device for geo-tagging within the country, as per the regulatory
guidelines. They will then be routed to an ICICI Bank officer who conducts the KYC in real
time. This takes only a few minutes.
3) Submit details for Video KYC: The customer just requires to keep handy his/her PAN
card, a blank white sheet of paper and a blue / black pen. Additionally, they also need to
ensure robust data connectivity, as the Bank officer records the PAN image along with the
customer’s signature and facial image via the video call. The Video KYC system
simultaneously uses artificial intelligence based facial recognition feature to match the
customer with his/her photo available on the Aadhaar site. The Bank’s system records and
stores all Video KYCs.
Post the Video KYC, the savings / salary account, the savings/salary account customer gets a
fully operational bank account without any restrictions of account balance or deposit. This
entire process takes only a few hours to complete. For personal loan and credit card customers,
the application moves ahead for further processing.
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