Standard Chartered to use video KYC to tackle account onboarding in India

Standard Chartered Bank India is rolling out a video KYC (know your customer) process for account onboarding, eliminating the need for customers to go to physical branches to validate documents. The bank has also launched virtual credit cards.

Why should we care?
KYC processes for banks and other financial companies are an ongoing source of pain for institutions and customers alike. Requirements vary by jurisdiction, but paper documents still hold sway in many parts of the world. Complicated onboarding processes also put banks at risk of losing customers during signup processes, which has been a boon for fintechs seeking to automate these activities. Social distancing requirements triggered by the pandemic are increasing acceptance for virtual KYC, including in India. Under the new process launched by Standard Chartered Bank India, customers display the required documents in a video chat with an agent as part of the onboarding process for a range of products, including credit cards, savings accounts, and personal loans. The bank, which has 100 branches in 43 cities across India, has been on a path to digitize activities since the onset of the pandemic. Last spring, it moved 29 types of service requests that were previously only carried out in physical branches to its digital platform. “Considering the global pandemic situation and keeping clients' healthcare and safety at the forefront, Standard Chartered Bank is dedicated to provide hassle-free user experience for all clients,” the bank said in a statement.