The SBI has launched a video KYC-based account opening feature which is completely paperless and contactless. A person can open a bank account without visiting a branch using the digital process powered by AI and Facial Recognition Tech. One has to download the YONO app, click on ‘New to SBI’, and select ‘Insta Plus Savings Account’. Once the Aadhaar details are entered and authenticated, he/ she has to schedule a video call to complete the KYC.
Fintech company MobiKwik started investigating claims of a data breach after media reports said that 8.2 terabytes of MobiKwik user data are up for sale on the dark web. The data included phone numbers, email, passwords, transactions logs and partial banking card numbers. KYC documents including govt issues the Aadhaar card or PAN ID of 3.5 mn users are also included in the breach. KYC documents are mandatory in India to access few financial services without any limitations.
Independent cybersecurity researchers Rajshekhar Rajaharia has claimed that KYC data of around 3.5 mn users of MobiKwik is up for sale on the Dark Web. French researcher Elliot Alderson, verifying the breach, said that the 8.2TB of data contains users’ phone numbers, emails, hashed passwords, addresses, bank accounts and card details. MobiKwik, which is planning an IPO this year to raise $200-250 mn, denied the breach.
Mastercard partnered with Signzy, a RegTech startup, to enable the latter’s video-based KYC (Know Your Customer) solutions for its banking customers. This will allow Mastercard to provide a completely paperless, remote and secure onboarding solution for end-users. In India, this launch will further Mastercard’s goal of driving inclusive growth via financial inclusion by enabling individuals and small businesses to go online.
A new type of KYC scam message is being sent to users, claiming that their eKYC document has expired and Paytm service will expire, unless they call them to reactivate it. The support execs ask users to download remote access software like AnyDesk and TeamViewer in the name of KYC status verification. This gives them access to users’ systems and whenever users make any online transactions, scammers can simply note their credentials.
PNB Housing Finance has simplified its customer onboarding process by implementing a Video-KYC solution, becoming the first Housing Finance company to do so. This solution is designed by Enterprise software firm Celusion Technologies. It verifies KYC documents, customer’s face identification and matches through a video call. Thus, the entire process is done digitally without requiring the customer to visit the branch or even share physical docs.
Intelligent automation (IA) and robotic process automation (RPA) in e-KYC automate vital tasks like doc handling, loan disbursement, loan repayment, regulatory reporting; reduces average handle time. AI-equipped bots can enhance customer service. Plus, decreases reliance on employees. AI, ML can analyse Individual creditworthiness (ability to repay loan) using loan/credit history, reducing risked lending.
1. End-to-end tech automation in routine service requests and other manual processes.
2. RPA, Configuration Automation, and Release Automation automate data centres’ operations.
3. Contactless and paperless savings account opening with eKYC/video KYC, paperless loan provision, virtual debit cards etc. 4. Yes, Mobile, Yes Robot, Yes Transact are some of the bank’s technical platforms equipped with chatbots for a personalised experience.
Insurance: Blockchain can automate the insurance process, ensure smooth claims and cut insurance fraud. Banking: Blockchain is used to validate identities, detect fraud in KYC rules. Travel: Blockchain’s P2P transaction feature avoids middleman between a traveller (looking for accommodation) and host. Data storage feature can save information about frequent travellers, later sending it directly to officials for checking. This reduces time for passport checking.