Digital KYC has the power to open up banking to new markets, supporting financial empowerment while combating crime. With the launch of eKYC solution, CIMB Bank has become one of the first banks in Vietnam to offer paperless account opening services through OCTO by CIMB application.
What does your bank manager look like? In the Transformative Age, it’s unlikely many of us know. The days of the local branch have all but disappeared in favor of online banking and smartphone apps. As early adopters roll out new technology to gain access to unbanked consumer and business markets, organizations not ready to manage risks will likely be left behind.
On November 14th, 2019, SBV has issued Decree 87/2019/ND-CP in which addressed banks have the right to decide whether or not they will hold face-to-face meetings with customers when theres a demand in account opening. In the case of no on-site appointment, banks must carry out alternative measures for the verification process. This could be through online forms or the use of modern banking technology to make sure customers are genuinely who they claim to be.
Of Vietnam’s population of nearly 100 millions, 60% people are unbanked, and more than 30% of total 600,000 small- and medium-sized businesses have limited access to banking services. Paper-based systems have traditionally made banking inaccessible to those with poor literacy, in remote locations, without credit history and financial means. Technology is making it increasingly possible to overcome barriers to banking, particularly in emerging markets such as Vietnam.
KYC and e-KYC are the same in meaning but both have different medium of practice. While KYC has an in person processing of documents and credentials, e-KYC streamline the process by an online mechanism. By employing e-KYC, customers don’t have to wait anymore in long queues and go through the hassle of presenting documents to another individual for checking and processing. Live e-KYC facilitates completion of KYC process online eliminating the need for filling up physical forms and submission of physical documents. The main objective of e-KYC is to register the customer with least amount of paper work and in the shortest possible time.
With the adoption of different tools and processes are paving the way for a landscape of greater digital trust and security CIMB Bank Vietnam officially launched eKYC for customers to open a bank account and VISA Debit Card within minutes right on OCTO by CIMB app Customers only need to provide a valid Identification Card and a selfie of themselves, all submitted under the secured system of CIMB. CIMB puts eKYC processes at the forefront of financial crime prevention, helping to halt fake accounts and transactional fraud in their tracks. eKYC will be integral to building digital trust into the system by design, helping CIMB manage their mushrooming data responsibilities. .
OctoFast by CIMB employs first-to-market eKYC technology
In fact, CIMB Bank Vietnam has pioneered in implementing the eKYC method via their virtual prepaid card OctoFast since April 2020, this move was to enhance their position in the digitalization banking race. A month ago, eKYC was applied to support CIMB partners, namely Toss and SmartPay, and proudly received majority positive feedback. It helps create a continuous multi-channel experience for customers, providing them speedy and convenient access to the banking services they need anytime, anywhere.
Together with the breakthrough technology solutions, CIMB Bank Vietnam also offers many incentives to customers to motivate them to use the bank’s facilities. From September 28th to December 28th 2020, each new bank account registration together with a new VISA Debit card, customers will receive a refund of up to 100,000VND when they complete any transaction. In addition, customers will have the chance to experience CIMB “Zero fee” banking services such as: annual fee, money transfer, and money withdrawal all with 0đ cost.
Starting September 28th, each new bank account will get a refund of up to 100,000 VND. Terms & conditions applied.
OCTO by CIMB app is now available on App Store and Google Play with useful services and special deals, install the app now at: https://go.onelink.me/HmIr/octobycimb and enjoy shopping with CIMB.
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Source: Vietnam Insider