Tag: facial recognition technology

State Bank of India, the country’s largest lender has launched a Video KYC based account opening feature on its mobile banking app YONO.

This digital initiative powered by Artificial Intelligence (AI) and Facial Recognition Technology is a contactless and paperless process. This functionality will help customers open an account with SBI without having to visit a bank branch.

This Video KYC feature will be available to customers planning to open a new savings account with SBI.

Dinesh Khara, Chairman, SBI said, “It gives us immense pleasure to announce the launch of online Savings Bank account opening facility which is very much necessary in the current pandemic situation. This is a step ahead to ensure customers’ safety, financial security, and cost-effectiveness.”

He added, “We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs. This development is yet another proof of our commitment to a digital India.”

Other initiatives on YONO platform include YONO Krishi, YONO Cash, and PAPL with more features lined up for the future.

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