Today, as financial organisations in India, especially banks, have started integrating modern technology into their products and services, it has enabled them to provide seamless customer services. For customers, it has become easier than ever before to access banking solutions. AU Small Finance Bank has been pioneering digital technology adoption and offering digital-based products and services for ease of banking.
For example, if you want to open a new Savings Account with the bank, you can do it online from the comfort of your home with just a click of a few buttons. Also, you can comply with the account opening processes, like the KYC (Know Your Customer) digitally with the help of the revolutionary Video KYC process.
Video KYC, as the name says, is an online method employed by AU Small Finance Bank for customer verification. With the Video KYC account opening process, anyone over 18 can open a Savings Account in just a few minutes without any hassles.
How does Video KYC work?
According to the RBI (Reserve Bank of India) guidelines, Video KYC is an alternative customer identification method that uses technology like facial recognition and consent-based audio-visual communication with the customer. It can be done using any smart device, like a laptop, mobile phone or tablet and stable internet connectivity.
The process of opening a Savings Account with Video KYC involves capturing a photo of the person with a few essential KYC documents. This also eliminates the hassles of dealing with complex paperwork. A trained professional from the bank carries out the Video KYC process and interacts with the customers. During this process, the bank also takes the customer’s digital signature.
Benefits of AU Small Finance Bank’s Instant Video KYC
The advent of Video KYC technology has been a boon for all customers, and it offers a host of benefits, including:
- The online Savings Account opening process through Video KYC is 100% paperless.
- The video KYC process makes the whole account opening process more efficient and helps you save your valuable time and effort. Video Identification Process allow you open a Savings Account much faster than the traditional method.
- Another significant benefit of Instant Video KYC is cost-effective both you and the bank. You need not spend money on taking photocopies of the important documents or travelling to the branch. On the other hand, the banks don’t have to maintain a dedicated counter or employ a person at the branch to perform KYC.
- If you have a smartphone and have a basic knowledge of using the Internet, you can easily open a Savings Account within a few minutes and start your banking journey.
Mandatory requirement for opening a Savings Account through Video KYC
Before you start the Video KYC process for opening your Savings Account with AU Small Finance Bank, make sure that you have the following things to avoid any hindrance or interruptions –
- The smart device you use, be it a phone or tablet must have a camera and speaker
- A steady internet connection
- Original PAN and Aadhaar Card that is linked with your mobile phone number to receive OTP (one-time password)
- A diary or notepad and pen
- If you want to transfer your existing Savings Account with another bank to AU Small Finance Bank, you need your account number, Net Banking details, Debit Card details, and UPI (Unified Payment Interface) details to transfer the funds to the new account
Steps to Open Savings Account with Video KYC at AU Small Finance Bank
Once you have all the above things ready and handy, you can open your Savings Account in just three simple steps, which are mentioned below:
Step 1
- Visit the official AU Small Finance Bank’s website and select the type of Savings Account you want to open.
- Click on the ‘Open Account’ tab and enter your mobile number to receive an OTP.
- Enter your PAN (Permanent Account Number) card details.
- Enter your Aadhaar Card number.
- Enter the OTP and complete the Aadhar verification process.
Step 2
Once you have completed step 1, an AU Small Finance Bank representative will call you for Video KYC. During the video call, you must –
- Hold the documents in front of the camera for the representative to verify and authenticate them.
- The bank representative will click a picture of your document or take a screenshot.
- You would need to sign on a blank paper and the bank executive will take a picture of the same.
Step 3
Once the Video KYC verification is complete, your online Savings Account opening is also done. The bank will send your Debit Card and chequebook to your registered address, and you can start using the account to deposit or withdraw funds immediately.
Although it may seem that there are many steps involved within each step, the whole process takes less than one hour and is hassle-free.
Conclusion
Video KYC is the future of savings, and thousands of AU Small Finance Bank customers have already benefitted from it. In addition to Video KYC, the bank offers a Video Banking service, wherein you can video call the bank representative at your convenience and avail yourself of any banking service you want. And the best thing is, the whole process is 100% safe and secure. Not to mention, there is the AU 0101 Mobile application that brings banking to your fingertips.
