With a focus on comprehensive digital transformation for many years, VPBank has successfully implemented digital services with SAVYINT’s remote signing. Thanks to the application of a synchronous and comprehensive digital signature solution system, VPBank has significantly shortened the time from signing contracts with employees to processing personal online loans, opening corporate accounts, ensuring maximum legality and security in all signing processes.
| Overview Industry: Finance – Securities Project: Implementation of remote signing service for individual and corporate customers to sign loan agreements and account opening contracts on VPBank’s digital channels Timeline: 2021 – Present |
VPBank and the problem of remote digital signature for individual customers and businesses
Founded in 1993, VPBank – Vietnam Prosperity Joint Stock Commercial Bank has more than 250 branches and transaction offices nationwide, focusing on providing financial services to individual customers, businesses and organizations, leading with the strategy of digitization and retail banking.
With the goal of providing 100% of products and services through digital channels, bringing a better customer experience, VPBank has long focused on implementing a comprehensive digital transformation strategy. The focus of this strategy is VPBank NEO – an online banking application that allows customers to make transactions such as wire transfers and bill payments of less than VND 5 million without entering an OTP code or pin code, thanks to modern biometric authentication technology.
The establishment of VPBank NEO also leads to the requirement of a remote digital signature solution that can meet the increasing demand for online transactions and convenience for customers while ensuring the security and legality of contracts and papers at the highest level. VPBank determined that an effective remote digital signing solution not only helps shorten the time to process transactions and sign contracts but also minimizes dependence on traditional processes and improves the bank’s operational efficiency.
SAVYINT has implemented synchronous digital signing solutions for VP Bank
With a wealth of experience in implementing digital signature solutions, SAVYINT has for many years been Vietnam’s LEADING provider of public digital signature authentication services, SAVYINT Timestamp certification services and QTSP trusted services for digital signature and electronic seal services guaranteed by the QTSP Remote Signing model.
With VPBank’s problem, SAVYINT has implemented synchronous digital signing solutions:
- Remote signature solution for individual customers using online loan products on VPbank NEO digital banking application
- Remote signing solution, digital certificate for officers and employees signing labor contracts with the Bank directly on the SAP human resource management system
- Remote digital signing solution, no need for USB Token digital signing device applied to corporate customers opening online accounts.
- Timestamp issuance service applies to all transactions signed remotely by VPBank. Timestamp is connected to the attached national time source with an electronic signature to prevent denial of the signing timestamp and ensure the integrity of the document, any changes on the document after the time of signing will be detected.
All customers, bank staff sign documents and contracts electronically
After the synchronous implementation of SAVYINT remote singing, all individual customers using online loan products on VPBank NEO digital banking application can easily register and be disbursed in just a few minutes through signing an electronic contract.
For business customers, the time to open an online account has been shortened to 90%, completed in only 5 minutes. All records are digitally signed remotely without the use of a USB Token device.
All officers and employees of VPBank can sign an electronic labor contract after receiving an employee account on the internal system with a legality equivalent to a paper contract, ensuring a confidential and accurate signing process. The contract and appendix renewal process is quickly implemented on the internal HR management system – SAP, which significantly saves time as well as improves the bank’s operational efficiency in the long run.
