{"id":7342,"date":"2020-06-19T10:58:09","date_gmt":"2020-06-19T10:58:09","guid":{"rendered":"https:\/\/innotech-vn.com\/?p=7342"},"modified":"2021-03-26T04:05:52","modified_gmt":"2021-03-26T04:05:52","slug":"ekyc-digital-identity-verification-banking-challenges","status":"publish","type":"post","link":"https:\/\/innotech-vn.com\/vie\/ekyc-digital-identity-verification-banking-challenges\/","title":{"rendered":"eKYC – Digital Identity Verification – Banking Challenges"},"content":{"rendered":"

eKYC<\/a> – digital identity verification <\/a><\/b>is a top searching keyword for banking institutions in Vietnam when the information from the State Bank of Vietnam about the draft allows the operation of opening bank accounts for cashless in May 2020. Let’s be with <\/span>Innotech Vietnam<\/b><\/a> to dissect the challenges for the bank if deploying eKYC:<\/span><\/p>\n

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1. Confused during learning about eKYC and the process of opening a digital banking account<\/b><\/h2>\n

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\"Digital Opening an online bank account helps improve the customer experience<\/em><\/p>\n

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The fact is easy to find and refers to the processes of opening digital accounts from foreign banks that have been deployed. However, it is not easy for technology managers or product managers at those banks to know how to integrate those technologies into their own existing banking systems with the lowest risk and highest security. In addition, eKYC is not only deployed for the onboard process but also for the process of registering subsequent product and service packages at the bank. So, how can build the process and structure of the banking system operating smoothly and automatically? The banks can solve the problem when they own a team knowledgeable in both business and technology.<\/span><\/p>\n

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2. Internal staff lack knowledge of new technologies and platforms<\/strong><\/h2>\n

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The organization will be put under more pressure if it does not have a technology-savvy team for eKYC application<\/strong><\/a>. It leads to a waste of resources in the process of investing in the development of the solution and huge losses. Especially, bad customer experience makes the brand’s reputation worse.<\/span><\/p>\n

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3. Very few cases study on eKYC for banks in Vietnam to research and optimize<\/b><\/h2>\n

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\"Digital In Vietnam, there are very few eKYC case studies for banks to research and optimize<\/em><\/p>\n

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The draft for banks to open digital payment accounts for customers has just been boosted in May 2020, so very few banks in Vietnam promptly implement eKYC in banks<\/strong><\/a>. Therefore, this is not only an opportunity for banks but also a challenge if they take advantage of the market pioneer. It is difficult to anticipate operational risks in the Vietnam market because of lack of information.<\/span><\/p>\n

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4. Difficult to find and choose reputable partners to deploy Digital Identity Verification<\/b><\/h2>\n

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In Vietnam, banks have the following criteria to choose partners:<\/span><\/p>\n

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