InvestorQ : Can you tell me about the recently introduced Video KYC based account opening by SBI?
Mary Joseph made post

Can you tell me about the recently introduced Video KYC based account opening by SBI?

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Arusha Ray answered.
2 weeks ago
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State Bank of India has introduced a special video KYC-based account opening feature as part of its mobile banking app YONO. This will enable customers to open a new savings account at SBI without having to visit the branch. It will be a totally digital initiative of SBI and will be entirely powered with the help of Artificial Intelligence and Facial Recognition Technology. The entire process from end-to-end will be contactless and paperless.

This entire account opening process has been designed to ensure customer safety, financial security and cost-effectiveness for the customer who can now open a bank account purely with the help of an online plus video interface. In the last few years, SBI has pushed a lot of changes in banking via Yono and this new model has been specifically designed keeping social distancing and lockdown needs in mind.

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