What benefits does F88 gain from implementing digital customer authentication?

Collaborating with the police to implement digital customer verification has helped F88 shorten loan approval times and demonstrates the company's level of compliance with legal regulations.

Recently, F88 collaborated with the police of Ward 13, District 3, Ho Chi Minh City, to pilot the installation of devices for reading information from identity cards and citizen identification cards (CCCD) with chips at its branch at 349 Le Van Si Street. Prior to this, a branch in District 6 (Ho Chi Minh City) and several branches in Lao Cai and Ninh Binh also had these devices installed for testing.

VNPT Ho Chi Minh City Business Center, the equipment supplier, stated that this card reader will help F88 verify whether a customer's chip-embedded identity card (CCCD) is genuine or fake by connecting to the national population database system.

Furthermore, the device also helps retrieve other information recorded on the card, such as full name, address, facial biometrics, or more detailed information like driver's license, vehicle registration, social insurance book, health insurance card, etc.

This is crucial information that helps F88 quickly "understand" its customers better, thereby minimizing credit granting risks, contributing to a reduction in the bad debt ratio, and helping the business move faster in its digital transformation journey.

Simultaneously, a better understanding of customers also helps shorten the time for loan application and approval. Currently, loan approval time at F88 is in the range of 15 to 30 minutes, and with this solution, the company expects to further shorten the approval time by 10% to 15%, contributing to improved business efficiency and enhanced customer experience.

According to a recent decision by the State Bank of Vietnam, from July 1, 2024, all banks are required to implement new authentication measures for online payments (Internet Banking, Mobile Banking). In theory, this decision does not directly affect the mortgage lending sector. However, F88 is currently a referral point for CIMB International Bank, so this method of information verification will greatly assist customers in completing loan application procedures.

The police chief of Ward 13 stated that after the equipment is installed, all customer information retrieval results from F88 will be recorded. This is part of Model 16 – deploying mobile verification devices and chip-embedded citizen identification card readers that are connected and synchronized with the national population database at businesses with security and order requirements. Model 16 is part of Project 06 – Development and application of the population database to serve the national digital transformation work in the 2022-2025 period – which is being widely implemented by the Ministry of Public Security. Furthermore, the deployment of this digital customer verification solution will also help authorities promptly detect cases of forged documents used to carry out acts that pose a risk to local security and order.

F88's leadership believes that digital authentication solutions offer numerous benefits to businesses, and that accelerating the deployment of the application across the entire system demonstrates F88's proactive commitment to legal compliance and its support for authorities in carrying out their duties. More specifically, in 2025, priority will be given to installing the devices in transaction offices in provinces and cities with a large customer base, such as Hanoi and Ho Chi Minh City.

For its part, the police of Ward 13 stated that after F88, the unit will deploy and install this equipment at all other pawnshop businesses in the ward.

Source: https://baodautu.vn/f88-duoc-gi-khi-trien-khai-xac-thuc-khach-hang-so-d230369.html