Admin Virtual Know Your Customer (VKYC) is a digital identification process that enables individuals to complete their Know Your Customer (KYC) verification remotely, without the need to visit a physical branch. This process has been widely adopted by various financial institutions, including ICICI Bank, one of the leading private sector banks in India. ICICI Bank is committed to providing its customers with a hassle-free banking experience, and VKYC is one of the ways the bank is achieving this. In this article, we will explore VKYC and how it works, the documents required, and the advantages of using VKYC with ICICI Bank.
What is VKYC
VKYC stands for Virtual Know Your Customer, which is a digital process that enables customers to complete their KYC verification remotely. KYC is a regulatory requirement that all financial institutions must adhere to, to prevent money laundering, terrorist financing, and other fraudulent activities. Traditionally, KYC verification required customers to visit a physical branch and present their identity and address proof documents. VKYC, on the other hand, allows customers to complete the KYC process from the comfort of their homes or offices using a computer or mobile device. The VKYC process is similar to face-to-face KYC, but it is conducted virtually through a video call with a KYC officer. VKYC has revolutionized the KYC process, making it more convenient, faster, and secure.
ICICI Bank VKYC Process
ICICI Bank offers VKYC to its customers to complete their KYC verification remotely. This process with ICICI Bank is easy and straightforward. To complete the VKYC process, the customer needs to follow the following steps:
- Visit the ICICI Bank website or mobile banking application and log in to your account.
- Navigate to the VKYC option and select it.
- Enter the necessary details and submit the request.
- ICICI Bank will schedule a video call with a KYC officer to verify your identity and address proof documents.
- During the video call, the KYC officer will ask you to display your identity and address proof documents.
- Once the KYC officer has verified your documents, the VKYC process will be completed, and you will receive confirmation from ICICI Bank.
It is essential to note that the VKYC process with ICICI Bank is entirely secure and confidential. The KYC officer will not share any of your personal information with any third-party entities.
Advantages of VKYC with ICICI Bank
- Convenience: VKYC with ICICI Bank is convenient for customers as they can complete the KYC process from anywhere, without the need to visit a physical branch. This saves customers time and effort.
- Time-saving: VKYC is a faster process compared to traditional KYC, as it eliminates the need for physical documentation and reduces the processing time.
- Security: VKYC with ICICI Bank is secure, as it uses end-to-end encryption and ensures that customer data is kept confidential. The KYC officer verifies the customer’s identity and address proof documents during the video call, ensuring the accuracy of the verification process.
- Contactless: It is contactless, making it safe and hygienic, especially during the ongoing pandemic.
- Eco-friendly: VKYC is a paperless process, which is eco-friendly and reduces the carbon footprint.
Overall, VKYC with ICICI Bank offers a seamless and hassle-free KYC verification process, which benefits both the customers and the bank.
Conclusion
VKYC is a digital identification process that has revolutionized the traditional KYC verification process. ICICI Bank has embraced VKYC, offering its customers a fast, convenient, and secure way to complete their KYC verification remotely. The VKYC process with ICICI Bank is straightforward and easy to follow, and customers can complete the process in a matter of minutes. VKYC with ICICI Bank offers several advantages, including convenience, time-saving, security, contactless, and eco-friendliness. With VKYC, ICICI Bank is providing its customers with a hassle-free banking experience, and it is no surprise that VKYC has become a popular way for customers to complete their KYC verification.
