Winds of change as Banks push for Video KYC
This article on moneycontrol.com highlights how the RBI's new guidelines followed by the Coronavirus-related lockdown has hastened Banks' digitisation drive, especially around KYC and customer onboarding.
In the article, an RBL spokesperson mentions that the cost of acquiring a customer digitally is 1/10th compared to convention methods. With fewer customers going to the branch to open savings bank accounts, most of these transactions are now going digital. As a result, branch spaces are likely to shrink as time goes on.
Wriju Ray, co-founder and CBO at IDfy, says “Video KYC is half the cost compared to any other journey and now with technology, the entire process can be made into a seamless flow for the customer.”
Read the full article here.
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