ICICI Bank announced the launch of a facility that empowers retail customers to complete the ‘Know Your Customer’ (KYC) process, which is required to open a new relationship with the Bank, through video interaction.
The Bank has, to begin with, made the facility available for new customers keen to open a savings account, including a salary account, or avail a personal loan with the Bank. The facility is also available for customers applying for ‘Amazon Pay ICICI Bank Credit Card’, a widely popular credit card variant.
The Bank will shortly extend the ‘Video KYC’ facility to other variants of credit cards, home loans and other retail products. When a new customer opens online ‘Insta Save’ Savings Account, an instant account, he/she gets the option for ‘Video KYC’. The customer gets the same option when he/she applies for the ‘Amazon Pay ICICI Bank Credit Card’. The ‘Video KYC’ facility is also available for other savings account variants like ‘The One’, Gold Privilege account; salary accounts and personal loan.
To avail the facility, customers can connect with the Relationship Manager or branch official. During the process, the verification of a prospective customer’s KYC documents and signature are recorded via a video call with an ICICI Bank officer, thus doing away with the need of the customer physically visiting a bank branch.
It also brings forth the convenience of significant time-saving to the customer as it takes only a few minutes as against the paper intensive, in-person KYC verification process at a bank branch that is more time consuming.