IndusInd Bank introduces Video KYC service

IndusInd Bank announced that it has expanded the capabilities of its video banking services, with the integration of ‘Video KYC’ platform, thus offering a fully-integrated, zero-contact, completely digital account opening facility for booking fixed deposits in just a few steps.

The video KYC services will simplify the onboarding process for new customers seeking to open a savings account or for those applying for a credit card from the bank. The new facility enables the bank to onboard customers using a live video-based interface, thereby, replacing the existing practice of involving physical authentication of documents. This will enable credit card customers to submit applications and get them processed digitally – a first-of-its-kind service in the banking industry.

With this, customers who are new to the bank can request for opening an IndusInd Bank savings account and complete the entire formalities from their homes or offices, without any direct physical interaction or meeting with bank officials.

The launch of these services come close on the heels of the recent RBI guideline that allows banks to use Video KYC to validate the credentials of customers, as required by the regulators.

IndusInd Bank Ltd is engaged in banking and para-banking services. It includes accepting deposits, such as savings accounts, current accounts and fixed deposits, along with banking solutions sector lending.

On Thursday, the stock closed at Rs 346.95, down by 2.91 per cent or Rs 10.40 per share. The 52-week high is recorded at Rs 1,672 and the 52-week low is Rs 235.60 on BSE.