Online opening bank accounts – A race for market share expanding of Vietnamese banks

Regarding the permission to open payment accounts without face-to-face meetings, the State Bank of Vietnam (SBV) believes that this will help the bank to expand the types of customer, and customers can access to banking services such as payment, savings, lending …

In the National Comprehensive Financial Strategy approved by the Prime Minister on January 20, 2020, emphasized that one of the main tasks and solutions to achieve a comprehensive financial goal: “Allowing the application of a remote electronic customer identification (eKYC) to open accounts at licensed organizations to serve the needs of small value payments of individuals and businesses”.

In that spirit, review and amend some regulations on dossiers and procedures for opening payment accounts in Circular 23 (Circular 23/2014 / TT-NHNN dated August 19, 2014 appproved by The Governor of the State Bank of Vietnam, guiding the procedure of payment account opening at the payment service supplier) to comply with the regulations on opening payment accounts without meeting face-to-face with the customer; minimize the disturbance in the process of opening and using current payment accounts at banks, foreign bank branches.

Basically, the draft Circular retains the paperwork requirements in accounts opening documents of individuals, organizations and general accounts in Article 12 of Circular 23. However, to be suitable for the case of opening an electronic payment account, the draft Circular stipulates: “Documentary requirements for opening a payment account in case of opening an electronic payment account are specified at Point B, Clause 2, Article 14 is the digital version; Banks and / or foreign bank branches must have solutions and technologies to collect and verify the accuracy and validity of digitalized identity papers”.

Basically, the draft Circular retains the paperwork requirements in accounts opening documents of individuals, organizations and general accounts in Article 12 of Circular 23. However, to be suitable for the case of opening an electronic payment account, the draft Circular stipulates: “Documentary requirements for opening a payment account in case of opening an electronic payment account are specified at Point B, Clause 2, Article 14 is the digital version; Banks and / or foreign bank branches must have solutions and technologies to collect and verify the accuracy and validity of digitalized identity papers”.

In case of identifying and verifying customer identification information electronically (at Point b, Clause 2, Article 14). The draft circular allows banks to decide on methods, forms and technologies to identify and verify customers.

The Draft Circular stipulates that the bank shall reach an agreement with customers on the scope of use and limit of payment account transactions, but must ensure that the limit of total transaction value (debit) via payment account does not exceed 100 million / month / customer. However, this transaction limit does not apply to the following cases: The Bank applies Video call that allows real-time communication with customers during the opening of payment accounts; money transfer transactions for savings, time deposits electronically for customers at such banks, foreign bank branches…

In the race for expanding market share, banks are very actively looking for solutions and technologies to collect and check the accuracy and validity of the digitalized identity papers to improve their process of service delivery, improve customers experience.

With the desire to extend the arm of banks to their potential customers, in the SMART DIGITAL BANK ecosystem with a series of solutions such as SMART eKYC, SMART FORM, SMART Booking, SMART RM, SMART Auto-Bank … Hyperlogy brought eKYC Online Solution, especially with the researched and completed Video Call feature, making the eKYC Online process convenient, safe and suitable for online transactions anywhere.

Opening a payment account without face-to-face meeting will contribute to help the bank to expand the types of customer and customers can access banking services more easily. Specially, in the context of Covid-19 epidemic, opening payment accounts without face-to-face help citizens still use the payment service, economic stimulus and infection reduction.

(Reference source: thitruongtaichinhtiente.vn)