I recently received a credit card from HDFC Bank. I'm not going to talk about the card's experience, but what impressed me was the bank's KYC experience. It was an amazing experience. I have had the best KYC experience a couple of years back as well. In all other banks, there is a video KYC option available where we have to sit in front of a camera when they do KYC, and we have to sign on a white paper and show it to them on video so that they can take a photo of it. This is how KYC currently works in many banks. I'm actually happy about this process as well. The reason is that it is all done online and we don't have to do any physical KYC.
Source - Gemini
I remember there used to be a time when we had to manually visit the banks and then do KYC by submitting the KYC papers. I visited all my banks last year to give the papers and do KYC. It appears that we have to do the KYC once every two years, and it is a bit annoying. Even today, that is the case for banks like Indian Bank, IOB, and many other nationalized banks. Banks like ICICI and HDFC are better in this, and the experience is slightly better. Of course, there are pros and cons in every approach, but HDFC I should say that it is far better.
After I received my credit card, in about a week, a representative contacted me saying that he wanted to visit me at home. I asked what the reason was, and he said that he wanted to do a KYC for getting the recent Credit Card. He just visited me and only a few minutes, he asked for an OTP and took a photograph and then it was all good and done. It hardly took only 5 minutes and they visited me at home and completed the process.
I understand that not everyone will find it convenient because the KYC person might reach at the wrong timing. But I would say that when me place an order on Amazon, the same thing can happen because the delivery guy can reach at any time right. When we are ready for that why not be ready for the KYC person. But this approach is good according to me so that I don't have to visit the banks anymore to get the KYC done. I saw this forward-thinking approach only with HDFC. No other banks had this facility.
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