Mekong Development Bank has implemented biometric fingerprint authentication to provide the “unbanked” population of Vietnam with access to banking services.
Biometric authentication lowered the risk of fraudulent transactions whilst providing a more convenient banking service for rural and urban populations of Vietnam where has only 20 per cent of Vietnam owing a bank account, said Tran Thi Thanh Thanh, chairwoman of MDB.
Also, according to Mekong Development Bank, since the initial launch in June, its current account base has tripled and the deposit balance per debit card account is three times higher than a regular account without a debit card.
Lee Volante, director business solution group for Temenos Asia-Pacific, said banks worldwide had used biometrics for security and access control. But this technology was only starting to permeate the consumer experience on a mass scale in developing countries where it had commercial value as a means to customer acquisition.
Founded in 1992, Mekong Development Bank re-launched in 2009 under a new dynamic and modern brand.
Pivotal to this ethos was biometric authentication which will revolutionise the way banking was undertaken in the country and grow Mekong Development Bank’s market share, according to Thanh.
Minh Thien (vir.com.vn)