Digital transformation is an inevitable trend for financial institutions and banks striving to adapt proactively, overcome challenges, and achieve sustainable growth. VietCredit, recognizing this early, embarked on its digital transformation journey ahead of the curve. With SAVYINT’s support, VietCredit successfully implemented an electronic contract and e-signature system, providing customers with satisfaction through enhanced experiences utilizing a data-driven technology platform.
The final puzzle piece in VietCredit’s digital transformation journey
With the goal of developing an innovative business model driven by digitization, VietCredit not only focuses on fostering new technologies in management and operations but also heavily invests in digitizing the products and services offered to customers. VietCredit identified that the “final puzzle piece” for creating a seamless and complete digital experience for users is the electronic contract and e-signature system.
Given the unique challenges in the financial sector, the bank’s electronic contract and e-signature system must ensure legal compliance, security, and long-term data storage, providing a safe experience and protecting customer rights. VietCredit sought a solution that offers simple, fast e-signing with strong security and cost efficiency, particularly for loan contracts with individuals and organizations.
However, VietCredit faced difficulties in finding an optimal solution, as the concepts of e-signatures and digital signatures were still unclear, and distinguishing between various types of e-signatures was not well defined. This challenge is not unique to VietCredit but is shared by many organizations in Vietnam, hindering them from adopting digital signatures and e-signatures on a larger scale.
SAVYINT’s solution for VietCredit’s challenge
After thorough research, VietCredit decided to partner with SAVYINT, Vietnam’s leading provider of digital signature solutions. With over 17 years of experience implementing national digital transformation projects, SAVYINT was able to address VietCredit’s challenge by offering a comprehensive solution featuring secure e-signatures with timestamping for individuals signing smaller loan contracts.
SAVYINT’s secure e-signature solution uses multi-factor authentication to provide identity verification for signers. Additionally, the timestamp feature, synchronized with the national time source, is appended to the e-signature, preventing denial of the signing time and ensuring document integrity. Any changes made to the document after signing would be detected. The secure e-signatures are validated for the long term, based on the timestamp’s validity period (ranging from 3 to 5 years). This ensures maximum fraud prevention and document security, providing legal protection in case of disputes.
The launch of VietCredit’s electronic contract and e-signature system
After six months of implementation, supported by SAVYINT’s dedicated team, VietCredit’s electronic contract and e-signature system was officially rolled out across all branches nationwide, with nearly 100,000 e-signatures processed annually. This milestone marks a significant leap in VietCredit’s digital transformation strategy, aiming to optimize the customer experience. The system is fully integrated into the VietCredit app, enabling customers to sign card-opening contracts anytime, anywhere, via mobile devices or tablets, reducing costs and travel time.
At the system’s launch event, Mr. Hoang Nguyen Van, Chairman of SAVIS, emphasized: “VietCredit’s electronic contract and e-signature system is a pioneering platform that meets the demand for transitioning from paper contracts to electronic contracts, in full compliance with Vietnamese regulations and European standards. In Vietnam, SAVYINT is the leading and only provider of the most complete digital signature and e-signature services. We believe this partnership will enhance VietCredit’s competitive advantage in the consumer finance market, ushering in new waves of technology and delivering the best convenience for customers.”
VietCredit is a financial institution offering transparent and reliable financial services, heavily investing in technology solutions to ensure the highest transaction quality for its customers. The electronic contract and e-signature system has created a strong foundation for VietCredit’s continued growth and breakthroughs in the future, further strengthening customer trust in the products and services that SAVYINT provides.
