Suryoday Small Finance Bank Partners with HyperVerge to Launch AI-Powered Video KYC

In a move to strengthen its digital banking capabilities, Suryoday Small Finance Bank has partnered with HyperVerge to deploy an AI-powered Video KYC (VKYC) solution. This collaboration aims to modernize the bank’s customer onboarding process while ensuring strong regulatory compliance and data security.

The adoption of advanced VKYC technology is expected to improve efficiency, enhance customer experience, and support the bank’s digital growth strategy.

What is Video KYC (VKYC)?

Video KYC is a digital identity verification process that allows banks and financial institutions to complete customer onboarding through a live video interaction instead of physical verification. It is approved by regulators and is widely used in digital banking to make account opening faster and more convenient.

With AI integration, the process becomes even more efficient by automating checks such as face matching, document verification, and fraud detection.

Key Benefits of the AI-Powered VKYC Solution

Stronger Regulatory Compliance

The solution is designed to align with regulatory requirements for digital onboarding. By using AI-driven verification and structured processes, the bank ensures that customer identity checks are accurate and compliant.

Improved Operational Efficiency

The new VKYC system allows the bank to handle higher onboarding volumes without increasing operational costs. Automation reduces manual effort and speeds up verification, helping the bank serve more customers efficiently.

Enhanced Customer Experience

Customers can complete their KYC process remotely through a simple video call, eliminating the need to visit a branch. This makes onboarding faster, more convenient, and user-friendly.

Boost in Agent Productivity

One of the major advantages of the new system is improved workforce productivity. With the AI-powered VKYC solution:

• Each agent can complete nearly twice the number of verification calls per day compared to earlier workflows
• Faster verification leads to higher conversion rates
• Agents can focus on quality interactions rather than repetitive manual tasks

This results in better performance and quicker customer onboarding.

Focus on Data Security and Privacy

Data protection is a key feature of the solution. The VKYC system ensures:

• Customer personal data is stored securely
• Access to data is restricted and controlled
• Information is accessible only by Suryoday Small Finance Bank

Strict privacy controls reinforce the bank’s commitment to regulatory standards and customer trust.

Collaboration with HyperVerge

HyperVerge, a leading AI technology company, worked closely with Suryoday Small Finance Bank to customize the VKYC solution according to the bank’s needs. The partnership focused on delivering:

• Faster customer onboarding
• Higher success rates in verification
• Full adherence to regulatory norms

The collaboration reflects how fintech innovation can support banks in scaling digital operations securely and efficiently.

Leadership Perspective

The initiative was undertaken under the leadership of Baskar Babu, MD & CEO of Suryoday Small Finance Bank, who has been driving the bank’s digital transformation efforts. On the technology side, Kedar Kulkarni, CEO of HyperVerge, leads the company in providing AI-driven solutions to financial institutions.