Airtel Payments Bank (APB) has announced a new feature that will enable customers to open savings bank accounts using Face Authentication-based e-KYC through the Airtel Thanks App. This feature is set to go live by the end of the year 2023, allowing users to digitally open bank accounts within minutes from anywhere in India. On Thursday, Airtel Payments Bank announced that it is the first bank in the country to test this feature on its mobile app.
Digital Account Opening
Airtel Payments Bank said with the new facility customers will be able to open savings bank accounts digitally without the need for physical documents or in-person visits to a bank branch, thereby enhancing customer convenience and experience.
Face Authentication e-KYC
As the e-KYC process for account opening will be based on face biometrics, customers will need to undergo face authentication, which will be processed using the mobile application developed by the Unique Identification Authority of India (UIDAI).
In collaboration with UIDAI, Airtel Payments Bank demonstrated this technology and feature implementation at the Global Fintech Fest.
Digital Public Infrastructure
Airtel Payments Bank said, "At Airtel Payments Bank, we leverage the latest technology to enhance our digital services, ensuring that our banking solutions are user-friendly. The face authentication for e-KYC is secure, fast, and paperless, making the digital account-opening journey seamless."
"Furthermore, this technology will use India's Digital Public Infrastructure, reducing dramatically cost to serve and increasing access, thus furthering Digital India. We're confident that our customers will benefit from this service, and we're thankful to the Unique Identification Authority of India for their continuous support and partnership with us to make this India-first facility available," the Bank added.
Airtel stated that the Face Authentication e-KYC process uses AI/ML-based technology to cross-check an individual's photo with the image captured on their Aadhaar card, enhancing security and preventing fraudulent activities.
Transition from Video KYC
Previously, customers could open Airtel Payments Bank accounts digitally through Video KYC. This new Face Authentication e-KYC option provides an alternative and potentially more convenient method for account opening.
According to APB, e-KYC based on Face Authentication has already been made live at its banking points. This move by Airtel Payments Bank will make it easier and more efficient for customers to access financial services without the need for physical documentation or in-person visits.