Business correspondent on boarding to jump by around 30% with video KYC, says Fino Payments Bank

Mumbai: ShivamChoukseyruns a Bharat Petroleum (BPCL) franchisee outlet in Madhaya Pradesh’s Santapur, a nondescript village around 25 kms away from the nearest town Vidisha. The 27-year old’s plan to become a business correspondent (BC) of Fino Payments Bank required him to submit KYC details to open a BC account.

In normal circumstances, Shivamwould have had to visit the local bank branch in Vidisha, meet an official and submit the physical documents or a bank official had to visit Shivam to collect the same. However, with RBI permitting consent based Video – Customer Identification Process (V-CIP) things have changed for the better.

As per the RBI laid down process, Shivamsubmitted his PAN and Aadhaar card details over a video call session with a Fino Payments Bank representative as an independent auditor verified the documents. All Shivamneeded to do was to follow the instructions.

No travel, no personal meeting, no contact, no impact on business as everything was done from the comfort of his shop or outlet! Within minutes documents were validated and Shivamwas on boarded as Fino BC in a seamless, safe and contactless manner, a pre-requisite in Covid times.

Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said, “Video KYC process is in sync with our endeavour to establish apaperless and contactless experience for customers and merchants. With Iris authentication, we are facilitating contactless customer transactions. Next in line is facial recognition for which testing is on. VKYC will not only help streamline our operations with respect to quality customer identification data at low cost but also enhance merchant on boarding experience, especially during Covid. With VKYC in place we expect a30% rise in merchant on boarding, which currently is around 14000 per month.”

Fino Payments Bank currently has an own network of around 3 lakh merchant points spread across 700 districts, almost one third of which are added in FY21. With VKYC’s faster turnaround, the bank expects to have around 3.5 lakh to 4 lakh own points by end of March 2021. Additionally, the bank has an API partner network of around 3 lakh points.

Summing up his experience, Shivamsays, “The video KYC call turned out to be convenient and hassle-free. It was over in a few minutes and my BC account was opened. I was spared of the 25 km travel and business continued as usual. Moreover I was informed that the entire process was recorded and photographs taken. I am relieved and can focus on my work.”