Commercial banks boost deposit security after Eximbank scandal

March 08, 2018 | 17:33
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Following the recent case of $13.2 million vanishing from a savings account at Eximbank, numerous commercial banks introduced new solutions to strengthen deposit security to restore faith in the finance-banking sector.
commercial banks boost deposit security after eximbank scandal
Commercial banks offered online solutions to boost the deposit security after Eximbank's scandal

Previously, with the intent of tightening deposit security, VietinBank invested into the construction of an online banking system where clients could access a variety of options such as checking their account balance and conducting transactions anywhere and anytime.

A manager at VietinBank stated that thanks to new banking solutions, clients could easily check their account information such as the name of the account holder, the current balance, the locked savings balance (if the client's savings were put into a locked account), the maturity date of the savings account, as well as the issuance and due date.

A series of Vietnam-based commercial banks launched online banking systems in an effort to tighten deposit security.

On March 1, Maritime Bank also officially introduced new banking solutions to its online banking system which enabled clients to view the current status of their savings accounts. The bank's newly launched online solutions were reported to be available to clients who conducted over-the-counter transactions and did not register for Internet Banking.

In addition, VietABank recently added smart banking tools to its online banking system, allowing clients to examine their personal account information, including those who previously did not register for internet banking on the new system. Account details, such as account number, total savings, maturity date, the opening date of the account, the due date of payment, and current interest rate, are also readily accessible.

A general manager of a Ho Chi Minh City-headquartered commercial bank pointed out that one of the most effective solutions to the deposit security issue was for commercial banks to automatically send notifications with detailed information on changes to the clients' savings accounts, such as debit or credit transactions, to their registered phone number.

However, such "automatic messages" usually charge around VND8,000-10,000 ($0.35-$0.44) per month, which the majority of Vietnamese clients would not be willing to pay.

Deposit security to seize top spot on upcoming bank AGM agendas

By Sam Luong

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