The digital onboarding facility is currently available for DCB Zippi Online Fixed Deposit, which is fully contactless, online and automated
Coronavirus pandemic has led to many digital innovations and banking sector is not left out. DCB Bank has launched a virtual video booth facility for contactless onboarding of new customers. This enables any Resident Indian to apply for DCB Bank Fixed Deposit through video-based KYC without visiting the branch or meeting a DCB Bank representative.
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.
"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 adapting to a new normal. DCB Bank has deployed this notwithstanding the challenges on account of the pandemic," said Praveen Kutty, Head - SME & Retail Banking, DCB Bank.
Almost every bank offers online banking facility, but the options are very limited when it comes to allowing customers to open a bank account digitally without any paperwork. As people prefer to carry out all their transactions without visiting crowded places, this virtual FD account opening facility is bound to have greater appeal with the depositors.
The digital onboarding facility is currently available for DCB Zippi Online Fixed Deposit, which is fully contactless, online and automated. Typically most banks insist customers to open a saving account with them before opening any FD account. However, the current facility from DCB Bank is a pure Fixed Deposit account, without the need of having a linked savings bank account. Over time the bank expects to activate other banking accounts and relationships using the virtual video booth.
The entire process is user friendly, free of cost and takes only 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.
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 addresses fears of social distancing and face-to-face contact by going contactless. The contact less and paperless video KYC is eco-friendly as well as it reduces use of paper and in-person visit to the branch.
To attract customers for opening FD account the bank has a special FD called DCB Suraksha Fixed Deposit at an attractive interest rate (for example, the Bank currently offers 6.95 per cent p.a. interest for 3 years DCB Fixed Deposit) as well as the benefit of free life insurance.