Digital transformation of banking industry: Agribank's mark

Digital transformation has become an inevitable requirement for banks to improve service quality and customer experience. In that journey, Vietnam Bank for Agriculture and Rural Development (Agribank) has been making great strides and is considered one of the most powerful digital transformation banks in Vietnam.

Customer centric

Agribank 's digital transformation journey has been implemented with a consistent orientation: customer-centricity. Agribank's digital transformation activities in recent times have also closely followed this spirit. One of the important strategies is to develop e-banking applications with a friendly interface and many integrated utilities, meeting customers' transaction needs anytime, anywhere.

In early 2024, Agribank Digital banking service was put into operation, as a miniature bank branch model, serving all customers, especially in rural, remote and isolated areas. This model helps customers easily access financial services, reducing time and effort when having to go to traditional bank branches.

In recent years, Agribank has not only focused on upgrading digital banking products but also expanding its utility ecosystem to serve the diverse needs of customers. One of the highlights is the launch of the Agribank Plus application in mid-2024. This is the latest version of the e-banking application, designed according to 4 "PLUS" criteria: Prime, Leading, United, and Smart.

Agribank Plus offers many new features, including fast money transfers to multiple people at the same time, scheduling money transfers, automatic bill payments, and especially other convenient services such as booking train tickets, booking medical examinations, or sending congratulatory money. The interface improvement, simplifying the login process with a single username and password on the mobile and PC versions has helped customers save time and improve convenience when using banking services.

In particular, Agribank has recently launched the Open Smart Bank digital banking solution, using modern technology to optimize transactions and enhance security. Open Smart Bank helps Agribank not only provide traditional financial services but also create a smarter transaction environment for customers. This solution applies advanced technologies such as artificial intelligence, blockchain and big data to optimize transaction processes, automate tasks and enhance security. Banking experts consider this one of the important steps in Agribank's digital transformation process.

Agribank is also one of the pioneer banks in applying eKYC (electronic customer identification) security technology and collecting biometric data, helping to enhance security and accuracy in transactions. In particular, recently, Agribank has deployed electronic authentication services via VNeID on the Agribank Plus application, helping to optimize customer experience. Updating biometrics via VneID account, customers do not need to have a physical card and also need to use a phone bridge with NFC technology.

In 2024, Agribank and the Center for Research and Application of Population Data and Citizen Identification (RAR) - Ministry of Public Security signed a Contract to deploy electronic authentication service via VNeID on Agribank Plus.

Promoting cashless payments in rural areas

In addition to developing digital banking services for urban customers, Agribank also focuses on promoting cashless payments in rural areas. Since 2023, Agribank has been a pioneer in deploying automated teller machines (ATMs) to all regions of the country, from mountainous border areas to remote areas as well as to remote islands. To date, with nearly 1,500 machines located in agricultural and rural areas out of a total of more than 3,300 ATMs nationwide, Agribank's ATM system helps people in these areas to easily access modern banking services.

And after the Government issued a policy to promote cashless payments, Agribank took another step forward, issuing the Loc Viet card - a domestic card product integrating the latest technology to encourage people to use payment cards instead of cash. With low interest rates, long grace periods, and simple procedures, the Loc Viet card not only helps customers easily access financial services but also helps to push back black credit, a burning issue in many rural areas.

In addition, Agribank also upgraded and promoted the Autobank model, allowing customers to conduct banking transactions without going to a branch, with the feature of identifying customers through biometric technology. This not only helps save operating costs but also improves the experience for people in rural areas.

Advanced security technology

In the context of increasing cyber security threats, some banks have focused on protecting customer information and data. Agribank is one of them. Agribank's e-banking system is built with advanced security measures such as data encryption, biometric transaction authentication and using the eKYC system to protect customers' rights in online transactions.

In recent times, Agribank has continued to develop and promote the application of the national population database in banking activities. Currently, Agribank's digital banking product and service ecosystem has provided customers with full utilities such as opening accounts, registering for digital banking/e-banking services, registering for loan information or making online appointments... quickly and effectively. By authenticating customers based on data and information from the Citizen Identification Card with the chip attached to the Ministry of Public Security, Agribank customers can confidently register and use convenient and safe digital services without having to worry about the risks of forgery/appropriation of account usage rights for illegal acts in the digital space.

An important highlight in Agribank's security efforts is the deployment of ATMs and CDMs that support cash withdrawals using chip-based ID cards or codes, helping customers make transactions without cards, while minimizing risks associated with physical cards.

Strong imprints

Agribank's continuous efforts in digital transformation have been recognized with a series of prestigious awards such as: Certificate of Merit from the Governor of the State Bank, TOP 10 Strong Brands of Vietnam, Vietnam Digital Transformation Award 2024 for the Agribank Open API platform and most recently, the Top 10 Trusted Products and Services Award 2024 for the Agribank Plus application. To date, Agribank has had 12 consecutive IT applications/systems honored at the Sao Khue Award for outstanding IT systems in the fields of finance-banking and digital banking. This is a testament to Agribank's strong development and constant innovation in applying technology to banking operations.

Agribank has won many awards for digital transformation in recent times.

With the goal of becoming a modern bank, Agribank is continuing to accelerate the digital transformation process, not only to meet customer needs but also to contribute to the overall development of the digital economy. Along with that, Agribank aims to further develop digital banking products and services, associated with improving security and safety in online transactions. The bank also focuses on building a smart, accessible and friendly digital banking environment for all people, especially in rural areas.

Source: https://nhandan.vn/chuyen-doi-so-nganh-ngan-hang-dau-an-agribank-post884742.html