In today’s technology era, where fraud and cybercrime have become so common, everyone has become alert to save themselves from crime.
Banks have made a surprising shift by returning to physical verification for opening savings accounts, completing the KYC process, or using any bank services.
Banks Return With Physical Verification Process
Many major banks like ICICI, SBI, and Bank of Baroda are shifting from digital to physical verification for new customers to open accounts.
Why’Physical Verification’ Process Important?
Banks say the decision comes after a sharp rise in identity theft, fake accounts, and mule account fraud cases where criminals use someone else’s identity to open accounts for illegal activities.
According to banking officials, face-to-face verification reduces these risks and also helps build trust and deeper relationships with customers.
This makes it easier for banks to offer more services and ensure accounts are used responsibly.
This move marks a reversal from the heavy investments banks made in Aadhaar-based onboarding, video KYC, and instant digital account opening.
The shift could also be a setback for fintech and neo-banking apps, which rely on fully online customer service. For Gen Z users, who prefer doing everything on their phones, branch visits may feel inconvenient and old-fashioned.
But with fraud becoming more advanced and frequent, banks believe that an offline verification is necessary to keep customers and systems safe.
