The VPBank's eKYC helps customers open banking accounts without face-to-face meetings. — Photo courtesy of VPBank

VPBank is the first bank in Viet Nam deploying electronic know your customer/client (e-KYC), allowing customers to open a bank account totally online.

The eKYC solution allows VPBank to overcome all geographical and time barriers to identify 100 per cent of online customers based on biometrics without face-to-face meetings as per the current process.

Accordingly, customers could implement transactions without waiting and experiencing digital banking products and services such as money transfer, paying bills and associating with e-wallets with a maximum deposit limit of VND10 million a day.

People take only a few minutes to register and verify information at https://taikhoan.vpbank.com.vn. Customers will be provided with a payment account and internet banking to use immediately without going to the bank.

To create this smooth customer experience, VPBank’s Digital Factory has built a comprehensive biometrics platform, combined with artificial intelligence (AI) technology and eSignature. These technological advances will be applied to more products in the future such as credit card sales and lending.

The eKYC solution has the potential to minimise operating costs for the bank, and more importantly, it will increase the number of new customers, unlock the creativity and competitiveness of the entire banking industry. With the support of the State Bank of Viet Nam for trial, VPBank is one of the first banks to implement eKYC from the first customer identification step. — VNS