Mumbai: The country's largest lender State Bank of India on Friday said it has launched a video KYC (know your customer) based savings account opening feature on its mobile banking app, Yono.
The initiative, powered by artificial intelligence and facial recognition technology, is a contactless and paperless process, the bank said in a release.
“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,” the bank's chairman Dinesh Khara said in the release.
The feature will be available to customers planning to open a new savings account with the lender.
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