SBI unveils video KYC for opening savings account

State Financial institution of India (SBI) has launched a video KYC-based account opening function on its cell banking app YONO to allow clients to open a brand new financial savings account with out having to go to a department. “This digital initiative powered by Synthetic Intelligence (AI) and Facial Recognition Expertise is a contactless and paperless course of,” it mentioned. “It is a step forward to make sure clients’ security, monetary safety, and cost-effectiveness. We consider this initiative will add a brand new dimension to cell banking and empower clients to go digital for his or her banking wants,” mentioned Dinesh Khara, chairman, SBI.

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