Recently, SSI Securities JSC has officially launched the service of opening 100% online accounts – applying eKYC technology (Electronics Know Your Customer). According to Ms. Do Thi Thanh Thuy, Deputy Director of Securities Services Division, SSI, the company’s goal is to bring better experience to investors, contributing to bringing the stock market closer to Vietnamese people.
Ms. Do Thi Thanh Thuy, Deputy Director of Securities Services Division, SSI
– In your opinion, what are the outstanding features of the online account service using eKYC electronic customer identification technology that SSI has just deployed?
– The outstanding feature of SSI’s eKYC application online account opening service is speed and accuracy. Customers only need a computer with a camera, stable Internet connection, identity card / citizen identification and a few clicks to open a securities trading account at SSI.
This technology allows customers of all ages and locations to open accounts online very quickly.
– How was this service initially received by customers?
– Although the new service officially came into operation from August 31, 2020, which means only about 10 days now, it has attracted approximately 1,000 new accounts. This shows the excitement of investors.
Quick statistics on newly opened accounts in this period show that accounts opened online account for 70%, while opening accounts directly accounts for only about 30%.
– Accumulated in the first 8 months of the year, the number of newly opened securities accounts has increased significantly. What is your assessment on the speed of opening new accounts in the coming time? Will SSI’s system be overloaded when the number of new openings increases rapidly?
– It is difficult to predict an exact number of new accounts opened in the coming time, because it depends on the developments and development of the market. However, in fact, the number of securities trading accounts with the above growth has not reached 3% of the population participating in the stock market.
This shows that the room to attract people to participate in the stock market is still very large.
This is also one of the goals that SSI set out in the context that Vietnam’s stock market is a young market with the proportion of the population having an account of only 2.6%, much lower than other developed countries in the world.
On the other hand, in the Scheme on Restructuring the Stock Market and Insurance Market to 2020 and with an orientation to 2025, the Government sets a target for the number of investors in the market to reach 3% of the population.
By 2025, this number is raised to 5%. As a leading securities company in the industry, the introduction of new product services will not only stop at attracting investors to SSI, but rather to join hands to achieve the Government’s goals.
About the system, right from the preparation phase, we have built a thorough plan, calculating the needs and the ability to respond to minimize suspensions, system overload when multiple accounts access simultaneously.
– Why does SSI provide online account opening service at this moment? Is it because the pressure to race for technology application becomes stronger among securities companies when the Covid-19 pandemic occurs?
– As I just shared, the application of new technologies to the deployment of SSI’s products and services, including eKYC, has been researched by us. SSI has consulted many modern technologies in other markets, researched and consulted with experts in the field for the best preparation.
The same goes for eKYC. When the legal corridor allows, with the readiness of full technical conditions, SSI will immediately deploy. Of course, the Covid epidemic is a push for digital transformation businesses, but for SSI, this strategy has been in the roadmap of development before.
– So the service to open 100% online accounts – what is the role of eKYC technology application in the digital transformation process of SSI?
– Online account opening service applying eKYC technology is part of the strategy of expanding and bringing securities to every home, without barriers of time, geography and age, making it easy for everyone to access securities.
In which, “the first door” to trade is that customers have to open accounts. So how to open an account quickly, eKYC allows SSI to do this.
We are not racing with technology or setting technology as our goals, but using technology as a tool for our customers. In the near future, SSI will continue to launch more technology services with the sole goal of enhancing customer experience, in line with the digital transformation strategy that the Company is pursuing.
Source: ndh.vn – Translated by fintel.vn