On its mobile banking app, YONO, the country's largest lender, State Bank of India (SBI), has introduced a Video KYC-based account opening function. According to a press release issued by the bank, this digital effort, which is driven by Artificial Intelligence (AI) and Facial Recognition Technology, is a contactless and paperless operation. Customers who want to open a new savings account with SBI without visiting the bank will be able to use the Video KYC functionality. This is a step forward in terms of ensuring the safety, financial stability, and cost-effectiveness of customers. In a statement, the bank's chairman, Dinesh Khara, said, "We believe this initiative will bring a new dimension to mobile banking and encourage customers to go digital for their banking needs." According to the bank's press release, here's how you can make use of this facility.
- Open the SBI YONO app on your mobile phone and tap on 'New to SBI'
- Now select the option 'Insta Plus Savings Account' and enter your Aadhaar details.
- Upon successful authentication of your Aadhaar details you will be asked to enter your personal details.
- To complete the KYC process, you need to schedule a video call.
- The account will be instantly opened only after Video KYC is completed successfully.
Yono (You Only Need One App), the lender's digital lending application, has seen strong development in the existing fiscal year. Yono now has 35 million registered customers, and the bank is now witnessing the smartphone app to open between 35,000 and 40,000 savings accounts every day. Yono has made available around Rs 16,000 crore in pre-approved personal loans to 12.82 lakh customers during the current financial year, according to Khara. The application also aids in the availability of SBI Life Insurance, SBI General Insurance, SBI Card, and SBI Mutual Fund products, along with those of the bank's subsidiaries.