Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

SBI Card launches Video based Customer Identification Process

Posted On: 2020-06-15 17:55:42


SBI Card, India's largest pure-play credit card issuer, today announced the launch of Video Know Your Customer (VKYC) feature to ensure zero contact, hassle free customer onboarding process. This launch is in line with SBI Card's endeavour to establish an end to end paperless, digital sourcing and onboarding process. VKYC launch will not only have a substantial impact on fraud reduction, but it will also reduce cost of the KYC process by nearly half.

SBI Card has launched VKYC following recent Reserve Bank of India (RBI) guidelines permitting VCIP as a method of establishing customer identity together with E-Sign process. VKYC offers a simple, presenceless journey where a customer does not have to physically interact with anyone. In the digital customer onboarding journey, E-sign process helps in obtaining digital signature from the applicant on a digital application form. The Applicant receives his application form in PDF format for validating the details he had provided. After verifying details, applicant digitally e-signs the application form and card processing can commence.

Commenting on the launch of VKYC, Mr. Hardayal Prasad, MD & CEO, SBI Card said, " We are a technology driven company and have made strategic investments to create state-of-the art infrastructure, both at the back end and front end, to improve our user experience. Technology has been meticulously deployed to digitise the customer journey at every step and make the entire process seamless. In line with our vision to Make Life Simple, we are now happy to launch Video KYC - a secure, AI driven, digital journey for our customers. It provides ease of use along with a high degree of safety through a contact less process. In a scenario, where social distancing has become the norm, this feature holds immense relevance for our customers, and we expect it to gain significant traction."

With social distancing being the new normal, VKYC enables a customer to undergo a complet ely presence-less journey, without the need to physically interact with anyone. VKYC process uses techniques such as facial recognition, Dynamic Verification code, AI enabled OCR, Live Photo Capture facial recognition, OCR, geotagging etc, as mandated by RBI guidelines, making it more safe and secure than physical KYC process.

Technology infrastructure and systems are a key competitive strength for SBI Card. SBI Card has made significant investments in technology infrastructure. Its technology systems leverage artificial intelligence and process automation technologies across functions, to improve customer experience and enhance operational efficiencies.

SBI Card VKYC: How It Works?
A customer needs to follow some simple steps for quick and easy KYC completion

1. Customer fills application form on SBI Card website or through tele-calling channel

2. Appointment is taken for VKYC from customer and link for VKYC is sent to customer

3. Through the link, customer fills his / her details - Name / Date of Birth / Pan Number and uploads XML copy of Aadhaar

4. Face to face video call is initiated with SBI Card officer through a dynamic verification code

a) Customer shows his / her PAN card on video call for PAN verification through AI enabled OCR

b) Photo of applicant is taken during video call and matched, using facial recognition software, with the one on Aadhaar and PAN Card

c) Location geotagging is done to verify that customer is in India

5. Once everything matches, VKYC is complete

6. Application form is digitally signed by applicant through E-sign process

Shares of SBI Card and Payment Services Ltd. was last trading in BSE at Rs.592.35 as compared to the previous close of Rs. 590.45. The total number of shares traded during the day was 93318 and the deliverable quantity was 20809 shares.

The stock hit an intraday high of Rs. 599 and intraday low of Rs. 583.20.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Aarti Drugs Ltd board fixes Oct 1, 2020 as record date for bonus issue

Mphasis Ltd board to consider Q2 results on Oct 22, 2020

Acuite Rating assigns credit rating to Eros International Media Limited

HSIL Ltd Board approves Buy back of equity shares through market purchase

TCS receives Three Brandon Hall Awards for Talent Management & Excellence in Learning

ICRA reaffirms credit rating for enhanced debt limits of The Ramco Cements Ltd

Shree Renuka Sugars Ltd board allots shares to Wilmar Sugar Holdings Pte Ltd

Karda Constructions Limited commences construction work of Destination One Mall

Singoli-Bhatwari Hydel Power Plant, Uttarakhand - Spinning of Turbines commences today

Shankar Lal Rampal Dye-Chem Ltd board recommends 1:3 bonus issue

Canara Bank board to consider raising capital through QIP

Amrutanjan is Official Pain Relief Partner-Digital for Chennai Super Kings

Camlin Fine Sciences Limited commences commercial production at Dahej unit

RITES Ltd bags Railway Electrification project of Rs. 474.92 crore

SBI Card collaborates with Google to enable cardholders to make payments through Google Pay

TCS' Blockchain Product Quartz™ is now available on Microsoft Azure

Ramco Systems signs agreement with CHI Aviation

Steel Strips Wheels Ltd receives export orders of nearly 10000 wheels

Saregama launches Carvaan Malayalam with 5000 pre-loaded evergreen Malayalam song and Carnatic music

Momentive Quartz Technologies (MQT) Selects Kellton Tech to Implement SAP S/4HANA

HCL Technologies announces intent to acquire leading Australian IT Solutions Company, DWS Limited

GOCL Corporation Limited's UK subsidiary to sell partial stake in Quaker Houghton for $35 mn

Sonata Launches 'CSK 2020 Edition' for Chennai Superkings Fans

Universal Cables Ltd updates on capacity expansion

Innovators Facade Systems Limited receives work order of Rs. 26 crores

MRPL shareholders approve proposal to raise funds of Rs. 5000 crore

ITC Ltd increases stake in Delectable Technologies Pvt Ltd

PNB associate bank, JSC Tengri Bank's License revoked

ITC Ltd.'s Sunfeast YiPPee!'s 10th Anniversary celebrations make a GUINNESS WORLD RECORDS® achievement

RITES Ltd board approves buy back through tender offer at Rs. 265

Route Mobile Limited shares to list on Monday - Sep 21, 2020

Mysore Petro Chemicals Limited to write-off GBP 770,000

Somany Ceramics adds a dash of style at T2, Mumbai Airport.

United Spirits Ltd announces resignation of CFO

Lords Chloro Alkali Ltd posts loss of Rs. 1.08 crore in Q1FY21

Zydus Cadila receives final approval from USFDA for Potassium Chloride Extended-Release Tablets

ICRA upgrades rating of Escorts Ltd

Bhatia Mobile to Migrate to main board of BSE

Avantel Ltd receives order of Rs. 15.97 crore from Bharat Electronics Ltd

Magna Electro Castings Ltd board approves buy back at Rs. 175

TATA Tea Chakra Gold Becomes Official Tea Partner for Chennai Super Kings in IPL 2020

Tiger Logistics India Limited provides future Business Outlook

Dr. Reddy's Laboratories announces settlement of U.S. Revlimid® Capsules patent litigation with Celgene

TVS Motor Company expands and strengthens its presence in Colombia

ICICI Securities successfully closes ~INR 6,000 mm IPO of Route Mobile Limited

EIH Limited approves rights issue, fixes Sep 23, 2020 as record date

Hindalco and Hindustan Copper sign MoU for supply of copper concentrate

Kilpest India Limited to merge subsidiary with itself, change name as 3B BlackBio Dx Ltd

Sterling and Wilson Solar Limited Signs order of 106.71 MW worth USD 62.6 mn in Chile

South Korea donates One lakh masks to TVS Motor Company for free distribution to aid India's fight against COVID-19







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019