MUMBAI: HDFC Bank on Thursday launched its Video KYC (Know Your Customer) facility for Savings and Corporate Salary accounts and Personal Loans. After a successful completion of the pilot project, the bank deployed its consent-based Video KYC facility as an alternate method of establishing the prospective customer’s identity during account opening process.
India’s largest private sector lender said that the new video KYC facility was a result of agile pods which consisted members from its Branch Banking, Digital Banking and Retail assets.
The Video KYC process is online, secure and quick, the bank said adding that customers can now sit in their home or office and open a full KYC – all benefits account in HDFC Bank in a few minutes. It is a paperless, contactless, and recorded interaction between a bank official and the customer.
“In the first phase, we’re rolling it out for Savings and Corporate Salary and Personal Loans customers and will be rolled out for other products in a phased manner. This facility is in line with our objective to leverage technology to deliver convenience to our customers,” said Arvind Vohra, Group Head – Retail Branch Banking at HDFC Bank.
How to do a video KYC in HDFC Bank?
For Video KYC, the customer would need to:
· Complete Aadhaar OTP-based EKYC in Bank Application
· Keep original PAN Card handy
· Be in India while performing Video KYC
· Have a smartphone with a good data connectivity
After the customer completes his/her Aadhaar eKYC through the Bank Website/Insta Account Opening App available on Playstore, he/she will get connected to an HDFC Bank official who will undertake Video KYC.
What will be checked in the video KYC?
HDFC Bank explained that typically in a Video KYC, the bank official will:
· Verify customer’s information
· Click customer’s picture
· Click customer’s PAN card image
· Video KYC’s audio-video interaction is validated before the account is finally activated.