Kotak Mahindra Bank has introduced video KYC facility to enable customers to open a full-fledged Kotak 811 savings account. This is the first time in the banking sector that video KYC facility is being offered to open accounts. The initiative, ate present being launched on a pilot basis for savings accounts, is in line with the bank’s digital-first strategy and is a start-to-end fully integrated, zero-contact, completely digital and paperless account opening + full KYC journey. The bank said it will extend the facility to other products in a phased manner. Kotak 811, launched in March 2017, is India’s first full-service digital banking ecosystem that offers a simple and convenient way to open a savings account and digitally transact using the 180 plus features of the bank’s mobile banking app, from the comfort of one’s home or workplace. In the system, verification of KYC documents and recording of the customer’s signature are completed via a video call with the bank, eliminating the need for a visit to the branch or in-person interaction, biometric verification or sharing of physical documents. After the video KYC is completed, the customer gets a full-fledged bank account with no restrictions on deposits or account balances.
Shanti Ekambaram, group president – Consumer Banking at the bank, said in the new normal world that we must now adapt to in the aftermath of covid-19, the bank’s emphasis on digital-first initiatives takes on even more meaning and in this context, video KYC can prove to be a game changer where customer verification is completed from the comfort of one’s home or office without the need for a physical interaction.
