DCB Bank unveils virtual video booth for customer KYC – adapting to the new normal

DCB Bank, announced the launch of the virtual video booth facility for contactless onboarding of new customers. This enables any Resident Indian apply for DCB Bank Fixed Deposit through video-based KYC without visiting the branch or meeting a DCB Bank representative.

The digital onboarding facility is currently available for DCB Zippi Online Fixed Deposit, Zippi, incidentally is fully contactless, online and automated. It is a pure Fixed Deposit account, without the traditional cumbersome procedure of having a linked Savings Bank account. Over time the Bank expects to activate other banking accounts and relationships using the virtual video booth.

Customers can avail DCB Suraksha Fixed Deposit at an attractive interest rate (for example, the Bank currently offers 6.95% p.a. interest for 3 years DCB Fixed Deposit) as well as the benefit of free life insurance. The entire process is user friendly, free of cost and takes only a couple of minutes (2-3 minutes). Customers can choose a convenient time for video KYC on any working day. Post-video KYC, customers can open multiple DCB Zippi accounts of any value.

DCB Bank Head SME & Retail Banking, Mr. Praveen Kutty, said, “DCB Bank customers are delighted to use the virtual video booth. They are pleasantly surprised with the ease and simplicity of the procedure. It saves time, expense, and with heightened fears on the pandemic – this social distancing video KYC procedure ticks all the boxes. The transition to high tech and high digital touch customer experience is an adapting to a new normal. DCB Bank has deployed this notwithstanding the challenges on account of the pandemic.”

The virtual KYC facility is a significant transition to the new normal taking into account important issues of the day – the pandemic and degradation of the environment. It address fears of social distancing and face-to-face contact by going contactless. The contact less and paperless video KYC is eco-friendly reduces use of paper and in person visit to the branch.

The virtual video booth is compatible with most Android and iOS handsets. It uses geo-tagging features to ascertain the applicant’s location and face-matching technology to complete the KYC process through a secured, encrypted audio-visual interactive platform.