Learning from the private sector banks that have been utilising the Video KYC feature to open contactless saving accounts in times of pandemic, now the State Bank of India, the country’s largest lender has also launched a Video KYC-based account opening feature on its mobile banking app YONO.
The bank said that the Video KYC feature which will be available to customers planning to open a new saving account is powered by Artificial Intelligence (AI) and Facial Recognition technology. This functionality will help customers open an account with SBI without having to visit a bank branch.
“It gives us immense pleasure to announce the launch of online Savings Bank account opening facility which is very much necessary in the current pandemic situation. This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness,” said SBI Chairman Dinesh Khara in a statement.
He said, “We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs. This development is yet another proof of our commitment to a digital India.”
YONO is an integrated digital banking smartphone app from SBI. Available both on Android and iOS, the app helps users to access a variety of financial and other services such as flight, train, bus and taxi bookings, online shopping, or medical bill payments.
The platform also includes YONO Krishi, YONO Cash, and PAPL and more features are lined up for the future, said the bank.