With the theme "Application of data on residence in banking activities - the driving force for digital transformation", Agribank has brought to the digital transformation day of the banking sector organized by the State Bank of Vietnam the Chip-based citizen identification application in transactions and continued to introduce the model of Digital Banking - Agribank Digital.

In addition to the currently implementing Agribank Digital model, Agribank is testing and will deploy according to the roadmap the chip-based citizen identification application to transaction activities. With this method, customers who come to Agribank to make transactions only need to choose the service and sign only 1 signature without writing or filling in any information manually.

Acount opening, card issuance, registration for Agribank E-Mobile banking service, even taking out a loan or depositing money into an account, etc. are all completed in a rapid, safe manner with high accuracy because customer information is "read" by the system through a chip and is directly authenticated with the citizen database of the Ministry of Public Security.

Previously, with the traditional transaction method, the average execution time of about 20-25 minutes, now it only takes 4-5 minutes for customers to complete the transaction if using the device that reads and authenticates citizen identification information and related supporting software. Moreover, for customers who have registered biometric information, subsequent transactions can be made at the counter or at Agribank Digital/CDM without using a physical card or any other documents.

Customer authentication using chip-based citizen identification application brings a lot of practical benefits to customers and banks such as: reducing manual procedures and operations, shortening transaction time, and improving customer service efficiency. The collected biometric information (face, fingerprint) will help Agribank identify and classify customers to facilitate ease and effectiveness in their banking transactions.

The introduction of chip-based citizen identification application in banking activities affirms the determination of the banking industry in general and Agribank in particular in continuing to effectively implement the tasks in the Project on developing the application of population database, e-identification, and e-authentication for the national digital transformation in the 2022-2025 period with a vision to 2030.

With more than 20 million customers using current accounts, more than 15 million customers using electronic services and 4 million customers taking loans, Agribank has always been a pioneer in testing new technologies and business models, enhancing customer experience based on breakthrough digital banking product and service ecosystem. In the upcoming period, Agribank will continue to implement and further promote digital transformation activities to improve quality, operational efficiency and increase customer satisfaction.

At the Banking Industry Digital Transformation Day 2023 event, Agribank was honored to receive a certificate of merit from the Governor of the State Bank of Vietnam for its extraordinary achievements in digital transformation of the banking industry.

Kylie Nguyen