[Updated 2023-2024]What is VIDEO KYC? Know more about different banks: SBI, HDFC.

Introduction: Transforming Customer Verification with Video KYC

In an era of digitization and seamless banking experiences, traditional customer verification processes have evolved to meet the demands of a fast-paced world. Video KYC (Know Your Customer) is a technological advancement that has revolutionized how banks and financial institutions verify their customers’ identities remotely. This article delves into the concept of Video KYC and its implementation in two prominent Indian banks, SBI Bank and HDFC Bank.

What is Video KYC?

Video KYC is a secure and efficient method of customer verification that allows banks and financial institutions to verify the identity of their customers remotely, using real-time video interactions. It eliminates the need for customers to visit a physical branch for KYC compliance, making the process more convenient and time-saving.

Video KYC follows the regulatory guidelines set by the Reserve Bank of India (RBI) and the respective banking regulators, ensuring compliance and data security. During a Video KYC session, the customer interacts with a bank representative through a live video call, during which the customer’s identity documents and personal details are verified.

Video KYC in SBI Bank:

State Bank of India (SBI), India’s largest public sector bank, has embraced Video KYC to streamline customer onboarding and provide a seamless banking experience. Here are the steps involved in Video KYC with SBI Bank:

1. Application and Document Submission: Customers must download the SBI Bank’s mobile banking app or visit the official website to initiate the Video KYC process. They must fill in the necessary details and upload scanned copies of their identity documents, such as Aadhaar card, PAN card, and proof of address.
2. Video KYC Call: After submitting the required documents, the customer receives a video call from an SBI representative for verification. The customer must show their original identity documents during the call for verification.
3. Biometric Authentication: SBI uses biometric technology to authenticate the customer’s identity during the video call. The customer may be required to provide a fingerprint or other biometric data for verification.
4. Confirmation and Account Activation: Once the Video KYC process is completed, the customer’s identity is verified, and their account is activated for banking transactions.

Video KYC in HDFC Bank:

HDFC Bank, one of India’s leading private sector banks, also offers Video KYC for customer onboarding. Here are the steps involved in Video KYC with HDFC Bank:

1. Application and Document Submission: Customers can initiate the Video KYC process by downloading HDFC Bank’s mobile banking app or visiting the official website. They must provide their details and upload scanned copies of identity documents.
2. Video KYC Call: An HDFC Bank representative initiates a video call for verification after document submission. The customer is required to show their original identity documents during the call.
3. Biometric Verification: HDFC Bank uses biometric technology for identity verification. The customer may be asked to provide biometric data, such as fingerprint scanning or facial recognition.
4. Confirmation and Account Activation: Once the Video KYC process is completed, HDFC Bank confirms the customer’s identity, and their account is activated for banking services.

The Advantages of Video KYC:

Video KYC offers numerous benefits for both customers and banks:

1. Convenience: Customers can complete the KYC process remotely, eliminating the need to visit a bank branch.
2. Time-Saving: Video KYC significantly reduces the time required for customer verification, enabling faster onboarding.
3. Enhanced Security: Biometric authentication ensures robust security and minimizes the risk of identity fraud.
4. Cost-Effective: Video KYC helps banks save operational costs associated with physical verification processes.
5. Compliance: Video KYC adheres to regulatory guidelines, ensuring compliance with banking regulations.

Conclusion: Embracing the Future of Customer Onboarding

Video KYC has emerged as a game-changer in the banking industry, transforming how customers are onboarded and verified. Banks like SBI Bank and HDFC Bank have embraced this technology to enhance customer experiences and streamline KYC processes. Video KYC remains pivotal in providing safe, efficient, and customer-centric banking services as the financial sector evolves.