SBI, the country's largest lender launched the YONO platform in 2017.In orderto help customers open their respective accounts, the State Bank of India (SBI)on Friday, April 23, launched a videoKYC-basedaccountopeningfeature on its mobile banking app- 'YONO'.
According to a statement shared by the State Bank of India, the new feature will help customers to open an account, without having to physically visit a bank branch, which assumes significance amid the COVID-19 pandemic.
The new digital function is powered by artificial intelligence or AI as well as facial recognition technology.
The whole process is paperless and contactless, said SBI.The country's largest lender launched the YONO platform in 2017.
According to the state-run bank, customers can avail of this facility by following these simple steps:Download theYONOAppClick on New toSBI'Select the Insta PlusSavingsAccount'.Enter Aadhaar details in the appComplete the Aadhaar authentication processInput the personal detailsSchedule a video call to complete the KYC processOn successful completion of video KYC, the account will automatically open...theonline savings bankaccountopeningfacility which is very much necessary in the current pandemic situation.
This is a step ahead to ensure customers' safety, financial security, and cost-effectiveness.
We believe this initiative will add a new dimension to mobile banking and empower customers to go digital for their banking needs,'' saidMr.
Dinesh Khara, Chairman,State Bank of India.Ever since its launch, the YONO app has witnessed80 million downloads and more than37 million registered users.
The state-run bank has partnered with more than 100 e-commerce players in more than 20 plus categories on theYONO app platform.
Theother initiatives on the YONOincludeYONOCash, YONOKrishi, as well as PAPL.