ICICI Bank today announced the launch of a facility that empowers retail customers to complete the ‘Know Your Customer’ (KYC) process, which is required to open a new
relationship with the Bank, through video interaction. The Bank has, to begin with, made the facility available for new customers keen to open a savings account, including a salary account,
or avail a personal loan with the Bank. The facility is also available for customers applying for ‘Amazon Pay ICICI Bank Credit Card’, a widely popular credit card variant. The Bank will shortly
extend the ‘Video KYC’ facility to other variants of credit cards, home loans and other retail products.
The Bank is the first in the industry to offer this facility for opening salary accounts and availing a personal loan. This facility comes handy for customers as it allows them to complete the KYC
process digitally within a few minutes, without physically meeting a bank official at the branch or their home. It gains even more significance during the ongoing Coronavirus pandemic, as new customers can complete their KYC requirements for an array of banking services remotely
and digitally. The launch is in line with ICICI Bank’s rich legacy of offering customers more convenience through digital processes and solutions, and is based on the guidelines of the RBI’s new KYC norms.
Commenting on the new launch, Anup Bagchi, Executive Director, ICICI Bank said, “The facility of doing KYC verification through video interaction brings in a new paradigm as it makes the whole process digital, frictionless and fast to the customer. It assumes special significance at this time, where in the ‘new normal’, people are advised to conduct their activities digitally, as part of their continuing precaution against the Coronavirus pandemic.