Banking has undergone a sea of changes in the past decade. Video Banking is the latest addition to the evolutionary timeline of Banking services and the AU 0101 App from AU Bank is at the forefront of this new revolution. Read on to know more about it.
Banking in India still manages to refresh the old memories of visiting the bank in person. Earlier, it was common to visit banks to open an account, update a passbook, request chequebooks, etc.
While the internet and online banking have played a crucial role in decreasing the need to visit a bank physically, account holders still visit their bank branches for many avoidable reasons.
Video Banking aims to address this issue so that customers need not bother about paying a personal visit to their bank, barring exceptional circumstances.
What is Video Banking?
refers to performing banking transactions, including banking consultation through the our Video Banking Platform
via AU 0101 App
. It is the newest form of banking that is powered by internet connectivity.
How Can Video Banking Help?
1. Improved Access to Banking Services
In India, where accessibility to banking services is still a challenge to a large part of the population due to various reasons, Video Banking can be the best solution to access banking services.
Imagine an older adult residing in an interior village who wants to open a Fixed Deposit. The nearest bank to his home is 30 km away, with limited access to public transport. With Video Banking, he can access the bank's services and open the FD from the comfort of his home instead of travelling 30 km to the nearest bank branch.
2. Removes Geographical Hurdles for Banks
A bank can offer a plethora of banking services to a large customer base without worrying about its brick-and-mortar presence at a particular location. Therefore, the bank can grow at a faster rate and provide better services to its customers.
3. Helps in Streamlining the Banking Process
The Video Banking
process and the video KYC process can potentially change the process-driven approach of banking by removing the need for unnecessary paperwork.
This makes it convenient for both the bank and customers.
4. Better Manpower Utilisation
As banking executives can communicate with many people without physically visiting them, their expertise and domain knowledge can be used more productively.
For example, a bank executive can explain the benefits of a home loan to customers staying in different locations from a single bank branch. The executives no longer need to time their visits across different bank branches to address customers' queries.
What is Video KYC?
Video KYC is a part of Video Banking where the identification of the customer is verified by capturing the live photo of the customer along with the necessary documents such as Aadhar card, PAN card, etc.
Video KYC process can be completed in few minutes provided that the person has:
- A smartphone or a computer with a camera and microphone set-up.
- Good internet connectivity.
- All the necessary documents as required by the bank.
Now that we know about Video KYC, let’s have a quick look at the immense benefits of Video KYC that can make them mainstream in the coming years.
- There is no need to submit photocopies of documents; hence the paperwork is reduced.
- The approval and verification of documents take less amount of time.
- The process is secured with end-to-end data encryption.
- It helps in the faster onboarding of new customers.
How to Experience Video Banking?
The recently launched AU 0101 App by AU Bank has been designed to keep the needs of modern banking customers. It provides advanced Video Banking solutions through encryption, AI-based face recognition and additional mobile OTP verification.
You can avail of a wide range of services through AU 0101 App, such as NEFT or RTGS transactions, opening or closing Fixed/Recurring Deposits, checking account statements & more.
The Indian banking sector is at the threshold of the next banking revolution in the form of Video Banking. Customers can benefit a lot from this new star on the horizon by hopping on early.