SBI launches video KYC on mobile banking app YONO

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back

Related stories

Tap-Free and Face ID Payments Powering Their Way in Retail

In the recent years that have gone by, the...

Deutsche Bank and Mastercard Join for Open Banking Payments

Deutsche Bank and Mastercard has announce a joint strategic...

AI-Driven Credit Scoring: Bridging the Gap for the Unbanked

This flexibility may even result in banks paying less...

Smart Ways to Grow and Protect Wealth Near Retirement

As retirement approaches, many people shift their focus from...

State Bank of India (SBI) has launched a Video KYC (know your customer) based account opening feature on its mobile banking app – YONO. This functionality will help customers open an account with India’s largest commercial bank without having to visit a bank branch, SBI said in a statement.

This digital initiative, powered by Artificial Intelligence (AI) and Facial Recognition Technology, is a contactless and paperless process. “To avail this new facility, all that a person needs to do is download the YONO App, click on ‘New to SBI’, and select ‘Insta Plus Savings Account’.

“They will have to enter their Aadhaar details in the app and once the Aadhaar authentication is complete they will have to input personal details and schedule a video call to complete the KYC process,” the statement said.

On successful completion of Video KYC, the account will be automatically opened. Dinesh Khara, Chairman, SBI, said the launch of online Savings Bank account opening facility is very much necessary in the current pandemic situation.

This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness, he added. Since its launch in November 2017, YONO saw 80 million downloads and over 37 million registered users, the statement said. SBI has partnered with over 100 e-commerce players in more than 20 plus categories on the YONO platform.

Latest stories

Related stories

Tap-Free and Face ID Payments Powering Their Way in Retail

In the recent years that have gone by, the...

Deutsche Bank and Mastercard Join for Open Banking Payments

Deutsche Bank and Mastercard has announce a joint strategic...

AI-Driven Credit Scoring: Bridging the Gap for the Unbanked

This flexibility may even result in banks paying less...

Smart Ways to Grow and Protect Wealth Near Retirement

As retirement approaches, many people shift their focus from...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back