What does F88 get when implementing digital customer authentication?

Coordinating with the police to deploy digital customer authentication not only helps F88 shorten loan approval time but also shows the level of compliance with legal regulations of this business.

Recently, F88 cooperated with the police of Ward 13, District 3, Ho Chi Minh City to pilot the installation of a device to read information on ID cards and citizen identification cards (CCCD) with chips at Transaction Office No. 349 Le Van Sy. Previously, a transaction office in District 6 (Ho Chi Minh City) and a few transaction offices in Lao Cai and Ninh Binh were also tested with this device.

VNPT Ho Chi Minh City Business Center, the equipment supplier, said that this card reader will help F88 determine whether a customer's ID card or CCCD with a chip is real or fake by connecting to the national population database system.

Not only that, the device also helps retrieve other information recorded on the card such as full name, address, facial biometrics or more specifically, driver's license, vehicle registration, social insurance book, health insurance card...

This is important information, helping F88 quickly "understand" customers better, thereby minimizing credit risks, contributing to reducing bad debt ratios and helping businesses move faster in the digital transformation journey.

Along with that, “understanding” customers better also helps shorten the time for procedures and loan approval. Currently, loan approval time at F88 is at 15 to 30 minutes and with this solution, businesses expect to shorten loan approval time by 10% to 15%, contributing to improving business operating efficiency and increasing customer experience.

According to the recent decision of the State Bank, from July 1, 2024, all banks are required to implement new authentication measures in online payments on the Internet (Internet Banking, Mobile Banking). In theory, this decision does not directly affect the mortgage lending sector. However, F88 is currently a service introduction point of CIMB international bank, so authenticating information in this way will be very helpful in supporting customers to complete bank loan procedures.

The leader of Ward 13 Police said that after installing the device, all results of F88's customer information retrieval will be recorded. This is the content of model 16 - deploying mobile verification devices and chip-based CCCD readers that are connected and synchronized with the national population database at business establishments with security and order conditions. Model 16 belongs to project 06 - Developing and applying population databases to serve the national digital transformation work in the period of 2022 - 2025 - which is being widely deployed by the Ministry of Public Security. In addition, the deployment of this digital customer verification solution will also help authorities promptly detect cases of document forgery to carry out acts that risk causing insecurity and disorder in the locality.

F88's leaders believe that digital authentication solutions bring many benefits to businesses and promoting the application throughout the system is F88's way of demonstrating its proactive spirit of complying with the law and supporting authorities in performing their duties. More specifically, in 2025, priority will be given to installing equipment at transaction offices in provinces and cities with a large number of customers such as Hanoi and Ho Chi Minh City.

On their side, Ward 13 police said that after F88, the unit will install this device at all other pawnshops in the ward.

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