State Bank of India And Hyperverge Ramp Up Technology For Online Customer Onboarding Amidst COVID-19 Economic Recovery

To serve customers in the new normal times, State Bank of India launches a full power YONO Savings Account that can be opened instantly with Video KYC in 4 simple steps. Keeping in mind the need of the hour, the product proposition is built in a way that this new service will offer complete paperless and instant digital savings account opening experience with just PAN and Aadhaar card.

Amidst this backdrop, HyperVerge announced its partnership with India’s largest bank, SBI, with one of its flagship products, the Video KYC solution which aims to achieve a whopping 10x improvement over the regular video KYC checks performed per day per agent.

RBI’s Jan 2020 mandate on allowing Aadhaar-based Video Customer Identification Process (V-CIP) proved to be prophetic in terms of its application especially now that Banks, NBFCs and Fintechs face the herculean task of delivering uninterrupted services to their customers and maintaining business continuity.

Though the effects of the Atmanirbhar Bharat package are slowly being seen in the market, Regulated Entities (REs) have been quick to adopt and drive pure digital practices. Assisted with a high accuracy level of 99.5%, the highest in the industry, HyperVerge’s Video KYC solution is enabling SBI to provide convenient digital banking services to citizens of India.

The Video KYC solution by HyperVerge is 100% compliant with RBI regulations and can be supported on multiple platforms. The technology developed by the Bangalore headquartered company is critical at this hour since it helps financial institutions save the cost and time in sending agents to physically visit a customer’s residence. Even though a regular e-KYC saves time spent on travel, the manual checks by an agent can take up to 25 mins. HyperVerge’s video KYC solution completes the entire flow within 5 mins. The solution performs pre-qualifier checks such as name, address, and XML signature,  schedules video calls that have high throughput, and also performs simple randomization and AI-driven Liveness, OCR, and Facematch. This technology has long-term implications for an organization’s efficiency since it frees up the cognitive bandwidth of agents, thereby allowing them to do more productive work.

Commenting on the go-live, Kedar Kulkarni, co-founder, and CEO, HyperVerge, said, “For most Indians, SBI is the first bank to start our financial journey with. Our common goal with the SBI team is to enable millions of new and existing SBI customers to be able to bank from the convenience and safety of their homes. This is definitely one of the iconic milestones in making the dream of a digital India come true.”