Kotak Mahindra Bank said it is introducing video-based KYC procedure to enable people open its Kotak 811 savings bank accounts. The bank said the initiative being launched on a pilot basis for savings accounts, is in line with bank’s digital-first strategy, and is a start-to-end fully integrated, zero-contact, completely digital and paperless account opening and full KYC journey. It added that the video KYC process will be extended to other products in a phased manner. Shanti Ekambaram, group president – Consumer Banking at the bank, said in the new normal world in the aftermath of Covid-19, the bank’s emphasis on digital-first initiatives and these takes on even more meaning. The video-KYC facility allows verification of KYC documents and recording of the customer’s signature through a video call with the bank, and there will be no need to visit the branch or meet a representative for biometric verification or sharing of physical documents. After the video KYC is completed, the customer will get a full-fledged bank account with no restrictions on deposits or account balances.
