IDFC First Bank launches video KYC facility for customers to open savings accounts
A video KYC facility was launched by IDFC First Bank so that customers can open savings accounts without the need to visit a branch office.
The zero-contact method completely does away with paperwork or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (KYC) process, IDFC First Bank said in a release.
Customers can start earning 7 per cent interest and maximize their returns on funds held or invested anywhere else, it added.
“Video KYC makes the online journey for opening savings accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the bank to complete the process,” said Amit Kumar, Head, Retail Liabilities, IDFC First Bank.
This is especially relevant in the current times’ given loss of incomes and low returns offered by most other options, Kumar said.
A video-based KYC process helps in opening of online savings account for customers to open a full-fledged savings account with no limit on the maximum account balance, this video-based KYC process is sanctioned by RBI.
The pandemic has altered the way customers want to interact with their banks as they increasingly rely on digital and mobile channels to transact, the lender said.