SBI Card Unveils Video Based Customer Identification Process (V-CIP)

SBI Card, India’s largest pure-play credit card issuer announced the launch of “Video Know Your Customer” (VKYC) feature to ensure zero contact, hassle free customer on-boarding 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, presence-less 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 contactless 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 completely 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.

About SBI Card

SBI Cards and Payment Services Limited (formerly known as SBI Cards and Payment Services Private Limited) (“SBI Card”) is a non-banking financial company that offer extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all major cardholders’ segments in terms of income profile and lifestyle. It has diversified customer acquisition network that enables to engage prospective customers across multiple channels. SBI Card is a technology driven company.

P.S. The brand name of the company is ‘SBI Card’ and it is registered in the name of ‘SBI Cards and Payment Services Limited’. The company is trading under the entity name ‘SBICARD’ on stock exchanges.