State Bank of India(SBI) made a partnership with HyperVerge to obtain its technology called ‘Video KYC solution’ for onboarding customers online under COVID-19.
- Video KYC solution will be used by SBI to achieve the 10x improvement over the regular video KYC checks performed per day per agent.
About Video KYC solution:
i.HyperVerge’s Video KYC solution is assisted with a high accuracy level of 99.5 percent will enable SBI to provide convenient digital banking services to citizens of India.
ii.The Video KYC solution is 100 percent compliant with Reserve Bank of India(RBI) regulations and can be supported on multiple platforms. (It helps financial institutions as it saves the cost and time in sending agents to physically visit a customer’s residence).
iii.Comparison: Under regular e-KYC, the manual checks by an agent will take 25 mins, inturn the video KYC solution could complete the entire flow within 5 mins.
iv.The solution performs pre-qualifier checks such as name, address, XML signature, schedules video calls that have high throughput, and also performs simple randomization and AI-driven Liveness, OCR, and Facematch.
Full power YONO Savings Account:
i.SBI launched a full power YONO Savings Account that can be opened instantly with Video KYC in 4 simple steps to support the customers under COVID-19
ii.This new service will offer complete paperless and instant digital savings account opening experience with just PAN and Aadhaar card.
Recent Related News:
SBI Mutual Funds(MF) announced that its Average Assets Under Management(AAUM) has crossed Rs.5 lakh crore making it the first mutual fund company to cross this mark. Its AAUM has increased to Rs.5.04 lakh crore in 2020-21 from Rs.3.37 lakh crore in 2019-20 fiscal year.
About HyperVerge:
Headquarters (Global)– Silicon Valley, California, United States
Headquarters (India)– Bangalore, Karnataka
Co-founder &CEO – Kedar Kulkarni
About State Bank of India(SBI):
Establishment – 1st July 1955
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Tagline – The Banker to Every Indian
