State Bank of India and HyperVerge Partner for AI-powered Online Account Opening amidst Pandemic

By AIT News Desk On May 24, 2021

India’s largest bank launches a special Savings Account that can be opened instantly with a Video Banking process to onboard customers during the pandemic. The new service will offer a quick and completely paperless experience to customers with minimal ID documents.

HyperVerge announced its partnership with SBI, with one of its flagship products, the Video Banking solution, which aims to achieve a 10x improvement in the number of account openings per day per agent. Assisted by AI engines with an accuracy of 99.5%, HyperVerge’s Video Banking solution enables SBI to provide convenient digital banking services to millions of Indians.

Last year, the Reserve Bank of India (equivalent to the Federal Reserve) allowed banks to adopt the Video Customer Identification Process (V-CIP). This measure has proven to be prophetic given the rising Covid-19 cases.

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The technology developed by the Palo Alto headquartered company is critical at this hour since it helps financial institutions deliver uninterrupted services, and save the cost and time spent on manual processing. For comparison, manual checks by an agent can take up to 25 minutes, while HyperVerge’s solution completes the entire process within 5 minutes.

The Video Banking solution can be supported on multiple platforms. Additionally, the solution performs pre-qualifier checks on customer details, schedules video calls with high throughput and performs AI-driven Liveness, OCR, and Facematch checks. This technology has long-term implications for an organization’s efficiency.

Commenting on the go-live, Kishore Natarajan, co-founder, HyperVerge, said, “For most Indians, SBI is the first bank to start our financial journey. Our common goal with the SBI team is to enable banking from home for millions of new and existing SBI customers. This is definitely one of the iconic milestones in realizing the dream of a Digital India.”