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Banks are pushing video KYC adoption as financial frauds tick up
At a time when fraud attacks on the Indian financial services ecosystem is going up, banks are pushing the adoption of video KYC instead of electronic KYC as a way to open digital accounts, according to people in the know.
The central bank allows lenders to open digital savings accounts with just a basic Aadhaar and PAN card check. However, rules mandate a deposit limit of Rs 1 lakh in such accounts, and their conversion into full-KYC accounts within one year.
ET reported on December 12 that HDFC Bank, State Bank of India, ICICI Bank, etc., are asking customers to visit branches for in-person checks, thereby discouraging digital account opening.
“The reason why banks are asking customers to come to the branch is that eKYC-based account opening is being discouraged at all levels,” said a banker in the know.
This move is a direct result of a massive jump in mule accounts in the banking ecosystem, which are used to transfer funds from victims of fraud attacks.
While ICICI Bank has stopped its instant savings account opening service for non-salaried customers, HDFC Bank is investing in creating an integrated assisted customer onboarding model. Many large government banks are asking customers to visit the nearest branch for such services.
Push towards V-KYC and C-KYC
There is a push from the central bank to adopt digital onboarding, and video KYC is the safest of all. But it is a complicated process and requires bank officials to be present at the other end to verify the customer.
“This requires investment in training, having a workforce which is techno savvy, and also investment in setting up of such contact centres,” said a fintech founder who works with banks for customer onboarding.
Multiple industry insiders said that mostly lenders who have a strong branch presence focus on branch visits by customers instead of building elaborate video-based journeys.
“Many banks which did not have very sophisticated video KYC systems are now focussing on that, which ensures complete verification of the customer and the documents by a bank employee,” said the founder of a fintech which provides video KYC services to banks.
Video KYC has picked up steam in wealth management where account opening is mostly remote, but given that large banks typically have physical presence across the country, they are asking customers to use banking channels directly. Even business correspondents are being used to open accounts, but there is a risk of fraud in those channels as well.
Also, video KYC was supposed to bring down the cost of customer onboarding, but since banks had to invest in assisted services, the cost arbitrage has disappeared, leading to many banks stopping the service.
Source: EconomicTimes
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