NEW DELHI : Private sector lender IDFC First Bank today announced that it has come out with a new video-based KYC facility for onboarding of new customers.
Using the new facility, customers can open savings bank accounts without the need to visit a branch office. "Video KYC makes the online journey for opening savings accounts simple and fast as customers do not have to venture outside their homes or meet anyone from the bank to complete the process," said Amit Kumar, Head – Retail Liabilities, IDFC First Bank.
The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (KYC) process.