Indian lender Kotak Mahindra Bank has launched Video KYC that allows customers to open a savings account remotely.
Kotak has currently launched this initiative on a pilot basis for a zero-contact customer onboarding on its digital banking platform Kotak 811, amid the Covid-19 pandemic.
The move is in line with Kotak’s digital-first strategy to provide customers with a fully-digital and paperless account opening + Full KYC journey.
Using the Video KYC feature, customers can submit their KYC documents and signature via a video call with the bank.
This eliminates the need for a branch visit, sharing of physical documents or submitting biometric verification to open an account.
Upon completion of the Video KYC, customers will receive full-fledged savings account with no restrictions on deposits and account balances.
Launched in 2017, Kotak 811 is a full-service digital bank that offers a savings account and over 180 features within its app to help users transact digitally.
Kotak consumer banking group president Shanti Ekambaram said: “Video KYC can prove to be a game-changer where customer verification is completed from the comfort of one’s home or office without the need for physical interaction.
“The integration of Video KYC in the 811 savings account opening journey, promises to further transform the bank account opening experience for customers.”
The Indian lender claims that the latest initiative is the first of its kind in the country and will become the new normal post-pandemic.