SBI's Ambitious KYC Overhaul: A Unified Identity Revolution
State Bank of India is aiming to simplify its KYC process across branches by March 2026, transitioning to a single system. This change is part of the bank's 'Saral' project. Efforts include establishing KYC as a service soon after. The centralized approach aims to solve diverse KYC protocols currently in use.
- Country:
- India
State Bank of India has initiated a comprehensive strategy to streamline the Know Your Customer (KYC) process, aiming for uniformity across its branches. This ambitious move, announced by Chairman C S Setty, is slated for completion by March 2026.
Upon achieving a unified KYC system, the bank plans to introduce 'KYC as a service' to enhance other banking functionalities. Currently, SBI employs 15 different methods of conducting KYC, making the current process cumbersome for customers who must re-verify their identity for new services.
This overhaul is a segment of the 'Saral' project representing SBI's commitment to 'process reengineering.' A dedicated team of over 50 individuals is spearheading this project, focusing first on understanding the existing systems before developing a comprehensive solution.
ALSO READ
-
SBI Eyes Foreign Bank Collaborations for Acquisition Finance Boost
-
SBI's Strategic Gains: Profit Soars Amid Stake Sale Boost
-
SBI Reports Robust Q2 Growth, Driven by Strategic Moves and Stake Sales
-
SBI's Profits Surge with Improved Asset Quality
-
SBI standalone profit rises 10 pc to Rs 20,160 crore for second quarter ended September: Filing.
Google News