INSIGHTS
HU Y EN NHUNG
Turning crisis into opportunity with digital transformation Covid-19 pandemic has dramatically shifted customer behavior, making millions of enterprises go bankrupt. Yet, in Vietnam, some banks have seized the opportunity to transform and adopt technology to stand firm and overcome the pandemic.
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ccording to statistics published by the State Bank of Vietnam, in Q1 2021, total online transaction volume grew by 28.4 percent to VND8.1 quadrillion (USD352 billion), compared to the same period last year. In particular, online transaction volume via mobile phone increased 103 percent to VND4.6 quadrillion (USD200 billion). Realizing this trend while ensuring system security, the banking sector has made great efforts on new technology such as e-wallets, eKYC, multi-platform digital services, etc.
ELECTRONIC-KNOW YOUR CUSTOMER (e-KYC) One remaining issue in the digital banking process is that customers are required to visit a physical bank to open a bank account. Thus, eKYC came to the rescue, becoming the must-have factor of the “digital banking” picture. As one of the leading banks using eKYC and having integrated it in BIDV Smartbanking app, BIDV provides new customers an at-home experience to register for a bank account. All they need to do is taking a photo of their identification, a photo of their face, then the system will examine valid information and open an account for customers, allowing them to use banking services immediately. Mrs. Nguyen Thi Quynh Giao – Senior Executive Vice President in charge of BIDV Retail Banking Group – emphasized: “eKYC is the leap in our comprehensive digital transformation
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BIDV REVIEW
