SBI introduces video KYC based savings account opening for customers

With the aim to help customers open their respective accounts, the State Bank of India (SBI) on Friday, April 23, launched a video KYC-based account opening feature on its mobile banking app- 'YONO'

According to a statement shared by the State Bank of India, the new feature will help customers to open an account, without having to physically visit a bank branch, which assumes significance amid the COVID-19 pandemic.

The new digital function is powered by artificial intelligence or AI as well as facial recognition technology. The whole process is paperless and contactless, said SBI.

The country's largest lender launched the YONO platform in 2017. According to the state-run bank, customers can avail of this facility by following these simple steps:

Download the YONO App, Click on ‘New to SBI', Select the ‘Insta Plus Savings Account', Enter Aadhaar details in the app, Complete the Aadhaar authentication process, Input the personal details, Schedule a video call to complete the KYC process, On successful completion of video KYC, the account will automatically open.

This is a step ahead to ensure customers' safety, financial security, and cost-effectiveness. We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs,'' said Mr. Dinesh Khara, Chairman, State Bank of India.

Ever since its launch, the YONO app has witnessed 80 million downloads and more than 37 million registered users.

The state-run bank has partnered with more than 100 e-commerce players in more than 20 plus categories on the YONO app platform.

The other initiatives on the YONO include YONO Cash, YONO Krishi, as well as PAPL.

This Video KYC feature will be available to people planning to open a new savings account with the State Bank.