SBI and HyperVerge Partner for AI-powered Online Account Opening

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. The new service will offer a quick and completely paperless experience to customers with minimal ID documents. 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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About this new technology:

• 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.

Important takeaways for all competitive exams:

• SBI Chairperson: Dinesh Kumar Khara.
• SBI Headquarters: Mumbai.
• SBI Founded: 1 July 1955.

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