In the digital age, remote identification and verification have become crucial for seamless banking services. Video KYC (Know Your Customer) has emerged as a convenient and secure method to complete KYC requirements without visiting a bank branch. ICICI Bank, India's largest private sector bank, has embraced this technology to provide a hassle-free KYC process to its customers.
Video KYC is a process that allows customers to complete their KYC verification remotely using a video call. Bank officials conduct a live video call with the customer, verify their identity through facial recognition and document verification, and capture their demographic and personal details.
Step 1: Initiate Video KYC
Step 2: Schedule Video Call
Step 3: Prepare Required Documents
Step 4: Join Video Call
Step 5: Facial Recognition and Verification
Step 6: Document Verification
Step 7: Demographic and Personal Details
Step 8: Review and Confirm
Feature | Video KYC | Traditional KYC |
---|---|---|
Convenience | High | Low |
Speed | Fast | Slow |
Security | High | Moderate |
Paperless | Yes | No |
Accessibility | 24/7 | Branch hours only |
Story 1:
A customer, eager to avoid the hassle of visiting a branch, scheduled a Video KYC call. However, when the time came, he realized he was wearing his wife's blouse. The bank official couldn't help but chuckle, and the customer swiftly changed into more appropriate attire.
Story 2:
Another customer, while completing her Video KYC, had her pet dog barking incessantly in the background. The bank official patiently waited, amused by the furry interruption, and the customer eventually completed her verification with the dog's antics in the background.
Story 3:
A senior citizen was having trouble using his smartphone to join the Video KYC call. His grandson came to his rescue, patiently guiding him through the process. The bank official was impressed by the heartwarming inter-generational support.
Lessons Learned:
Table 1: Types of Documents Accepted for Video KYC
Document Type | Original Required |
---|---|
PAN Card | Yes |
Aadhaar Card | Yes |
Voter ID Card | Yes |
Driving License | Yes |
Passport | Yes |
Utility Bills (not older than 3 months) | Yes |
Table 2: Statistics on Video KYC in India
Year | Number of Video KYC Transactions |
---|---|
2020 | 66 million |
2021 | 105 million |
2022 (estimated) | 150 million |
Table 3: Comparison of Video KYC Regulations in Different Countries
Country | Regulations |
---|---|
India | Reserve Bank of India (RBI) |
United States | Financial Crimes Enforcement Network (FinCEN) |
United Kingdom | Financial Conduct Authority (FCA) |
Video KYC has revolutionized the KYC process, making it convenient, secure, and accessible. ICICI Bank's Video KYC service provides a seamless experience, enabling customers to complete their KYC requirements remotely without compromising their privacy. By embracing this technology, ICICI Bank has contributed to the digital transformation of banking in India.
2024-08-01 02:38:21 UTC
2024-08-08 02:55:35 UTC
2024-08-07 02:55:36 UTC
2024-08-25 14:01:07 UTC
2024-08-25 14:01:51 UTC
2024-08-15 08:10:25 UTC
2024-08-12 08:10:05 UTC
2024-08-13 08:10:18 UTC
2024-08-01 02:37:48 UTC
2024-08-05 03:39:51 UTC
2024-08-06 04:35:33 UTC
2024-08-06 04:35:34 UTC
2024-08-06 04:35:36 UTC
2024-08-06 04:35:36 UTC
2024-08-06 04:35:39 UTC
2024-08-06 05:01:02 UTC
2024-08-06 05:01:03 UTC
2024-08-06 05:01:05 UTC
2024-10-20 01:33:06 UTC
2024-10-20 01:33:05 UTC
2024-10-20 01:33:04 UTC
2024-10-20 01:33:02 UTC
2024-10-20 01:32:58 UTC
2024-10-20 01:32:58 UTC