Airtel Payments Bank (APB) is taking a significant leap in enhancing its digital banking services. The bank has unveiled plans to introduce face authentication-based e-KYC (Know Your Customer) for opening savings bank accounts through the Airtel Thanks App. This innovative feature is scheduled to be rolled out by the end of 2023 and aims to simplify the account opening process for customers across India.
Digital Banking at Your Fingertips
The introduction of face authentication-based e-KYC will enable individuals to open savings bank accounts without the need for physical documents or visiting a bank branch in person. This digital-first approach aligns with APB’s commitment to delivering user-friendly and convenient banking solutions to its customers.
Leading the Way in Innovation
Airtel Payments Bank is proud to be the first bank in India to test and implement this technology within its mobile app. Leveraging the power of face biometrics, this solution promises to streamline the account opening process, saving customers valuable time and effort.
A Secure and Efficient Process
The e-KYC process relies on secure face authentication, a technology that employs advanced AI (Artificial Intelligence) and ML (Machine Learning) algorithms. By matching an individual’s facial features with the photo on their Aadhaar card, the system adds an extra layer of security to prevent fraud and unauthorized access.
A Step Towards Digital India
Airtel Payments Bank acknowledges the transformative potential of digital technologies and their role in advancing the vision of Digital India. By harnessing India’s Digital Public Infrastructure, this innovation aims to reduce costs while expanding accessibility to financial services.
Collaboration with UIDAI
APB collaborated with the Unique Identification Authority of India (UIDAI) to develop and demonstrate this technology at the Global Fintech Fest. This partnership underscores the bank’s commitment to leveraging cutting-edge solutions to benefit its customers.
Transitioning from Video KYC
Previously, APB offered digital account opening through Video KYC. The introduction of Face Authentication e-KYC provides customers with an additional, potentially more convenient method for opening accounts.
Enhancing the Digital Banking Experience
Airtel Payments Bank’s adoption of Face Authentication e-KYC reflects its dedication to offering secure, efficient, and paperless digital banking services. This initiative is poised to simplify the account opening journey for customers, making it more accessible and hassle-free.
With this new feature on the horizon, Airtel Payments Bank is set to lead the way in delivering a seamless and secure digital banking experience to its customers.
