State Bank of India (SBI) has launched a new programme in collaboration with HyperVerge to enable customers open accounts instantly.
The move is particularly aimed to ensure seamless on-boarding of new customers amid the ongoing pandemic.
Go deeper with GlobalData
The lender selected HyperVerge’s AI-powered Video Banking solution to help applicants open savings accounts.
The Video Banking solution is designed to carry out pre-qualifier checks on customer details, run face match checks and schedule video calls.
The solution is said to complete the entire process including verification of the KYC within five minutes. A manual check, typically, requires up to 25 minutes.
According to HyperVerge, the Video KYC solution by HyperVerge is 100% compliant with RBI regulations.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHyperVerge co-founder and CEO Kedar Kulkarni said: “For most Indians, SBI is the first bank to start our financial journey with. Our common goal with the SBI team is to enable millions of new and existing SBI customers to be able to bank from the convenience and safety of their homes. This is definitely one of the iconic milestones in making the dream of a digital India come true.”
A B2B SaaS company, HyperVerge offers identity verification and fraud control solutions to the financial sector and other business verticals.
SBI is the largest bank in India. Last year, the lender introduced doorstep ATM service as Covid-19 pandemic hampered customers’ movement.
