SBI introduces video KYC based savings account opening for customers

In order to help the customers open their respective accounts, SBI has recently launched a video KYC-based account opening feature on its mobile banking app YONO. According to a statement shared by the bank, the new feature will help the customers to open an account, without having to physically visit a bank branch, which assumes significance amid the COVID-19 pandemic.

According to SBI, the new digital function is powered by artificial intelligence as well as facial recognition technology. The whole process is paperless and contactless.

Mr. Dinesh Khara, Chairman,  SBI, remarked, “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. We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs.”