Reported by: banking|Updated: May 3, 2021
State Bank of India has started a video KYC-based account opening feature on its mobile banking app YONO. This will help customers open an account with SBI without having to visit a bank branch. This digital initiative is powered by artificial intelligence (AI) and facial recognition technology and is a contactless and paperless process. The facility will be available to customers planning to open a new savings account with SBI. The process is based on Aadhaar details and once the Aadhar authentication is complete the customers will have to input personal details and schedule a video call to complete the KYC process. On successful completion of Video KYC, the account will be automatically opened. Dinesh Khara, Chairman of the bank, said this is a step ahead to ensure customers’ safety, financial security and cost-effectiveness. He hoped the initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs.