SBI Card launches Video-based Customer Identification Process (V-CIP)

15-06-2020 Mon 12:01 | National | Press Release

Video KYC process will enable seamless, safe, contactless customer on-boarding

Hyderabad, 15 June 2020: SBI Card, India’s largest pure-play credit card issuer, today announced the launch of Video Know Your Customer (VKYC)feature to ensure zero contact, hassle-free customer on-boarding process. This launches in line with SBI Card’s endeavor 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 the cost of the KYC process by nearly half.

SBI Card has launched VKYC following the recent Reserve Bank of India (RBI) guidelines permitting VCIP as a method of establishing customer identity together with the E-Sign process. VKYC offers a simple, presence-less journey where a customer does not have to physically interact with anyone. In the digital customer onboarding journey, the E-sign process helps in obtaining a 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, the applicant digitally e-signs the application form and card processing can commence.

Commenting on the launch of VKYC, Mr. Hardayal Prasad, MD & CEO, SBI Card said, “We are a technology-driven company and have made strategic investments to create state-of-the-art infrastructure, both at the back end and front end, to improve our user experience. Technology has been meticulously deployed to digitize the customer journey at every step and make the entire process seamless. In line with our vision to Make Life Simple, we are now happy to launch Video KYC - a secure, AI-driven, digital journey for our customers. It provides ease of use along with a high degree of safety through a contactless process. In a scenario, where social distancing has become the norm, this feature holds immense relevance for our customers, and we expect it to gain significant traction.”

SBI Card VKYC: How It Works?
A customer needs to follow some simple steps for quick and easy KYC completion
1. Customer fills application form on SBI Card website or through tele-calling channel
2. Appointment is taken for VKYC from customer and link for VKYC is sent to customer
3. Through the link, customer fills his/her details – Name| Date of Birth | Pan Number and uploads XML copy of Aadhaar
4. Face to face video call is initiated with SBI Card officer through a dynamic verification code
a) Customer shows his/her PAN card on video call for PAN verification through AI enabled OCR
b) Photo of applicant is taken during video calland matched, using facial recognition software, with the one on Aadhaar and PAN Card
c) Location geotagging is done to verify that customer is in India
5. Once everything matches, VKYC is complete
6. Application form is digitally signed by applicant through E-sign process

With social distancing being the new normal, VKYC enables a customer to undergo a completely presence-less journey, without the need to physically interact with anyone. VKYC process uses techniques such as facial recognition, Dynamic Verification code, AI-enabled OCR, Live Photo Capture facial recognition, OCR, geotagging, etc, as mandated by RBI guidelines, making it more safe and secure than physical KYC process.

Technology infrastructure and systems are a key competitive strength for SBI Card.SBI Card has made significant investments in technology infrastructure. Its technology systems leverage artificial intelligence and process automation technologies across functions, to improve customer experience and enhance operational efficiencies.