ICICI Bank has launched a new digital application facility on smartphones and tablets. The facility enables bank officials to open current accounts of self-employed individuals and businesses swiftly in just a few hours, in comparison to an industry average of a few days. Using the digital account-opening application, bank officials can now capture information about the customer and the business digitally and verify KYC documents in real-time, at the premise of the customer in a convenient and secure manner. The facility also eliminates paper-work like physical photographs and photocopies of KYC documents. The application has facilities like ‘Optical Character Recognition’ (OCR) that recognizes written characters in documents and auto-populates them in the digital application seamlessly and accurately. It also uses multiple innovative APIs, which allows the application to validate KYC documents of the individual and the business in real time from publicly available information on government databases such as NSDL, Aadhaar and Import-Export Code (IEC) among others. The bank said the solution has been developed at the bank’s state-of-the-art innovation center along-with a fintech nurtured by the bank.
