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Vietnam’s First Fingerprint-Enabled Debit Card Launches With Temenos Biometrics

Press Releases,
Temenos – Company

Mekong Development Bank triples current account base with launch of Vietnam’s first biometric debit card, through Temenos Transact Biometrics at NCR ATMs across Vietnam

GENEVA, Switzerland – 7th August 2012 – Temenos (SIX: TEMN), the market leading provider of banking software, today announces the launch of Vietnam’s first fingerprint-enabled debit card, at Mekong Development Bank.

The bank has implemented Temenos Transact Biometric fingerprint authentication to provide the ‘unbanked’ population of Vietnam with access to banking services. Mekong Development Bank is already running the bank on T24, this was a simple modular upgrade to incorporate biometrics into the system seamlessly.

Biometric authentication lowers the risk of fraudulent transactions, whilst providing a more convenient banking service for both the rural and urban populations of Vietnam – of a population of 86 million people, only 20% of Vietnam has a bank account. Since the initial launch in June, Mekong Development Bank’s current account base has tripled, and the deposit balance per debit card account is two times higher than a regular account without a debit card. Customer fingerprints will be captured by Mekong Development Bank at the point of opening an account – and then used at any one of 33 NCR SelfServ™ ATMs across Vietnam. This will be extended to other touch points in the near future in line with Mekong Development Bank’s proposition to make things simple for the customer.

Nicholas Chee, deputy CEO and head of consumer business, Mekong Development Banksays:

Being the first bank in Vietnam to bring biometric fingerprint authentication to its customers confirms Mekong Development Bank’s commitment to providing the only truly convenient and personal banking experience available in the region. Temenos delivered us a state of the art capability in less than six months, which simply plugs into Temenos Transact – our existing core banking system. Incorporating the technology at NCR SelfServ™ ATMs across Vietnam ensures that customers experience consistent biometric fingerprint capabilities throughout the country. Preliminary research shows that an overwhelming 91 percent of customers surveyed after activating their debit card would recommend that their family and friends sign up for the product.

Lee Volante, director business solution group for APAC, Temenos says:

For decades, banks worldwide have used biometrics for security and access control – to access vaults, etc. But this technology is only starting to permeate the consumer experience on a mass scale in developing countries, where it has commercial value as a means to customer acquisition. Mekong Development Bank is a true pioneer in its adoption of this technology, which will help the bank to continue to build market share with its easy-to-use and convenient consumer technology. We’re delighted that T24 Biometrics is enabling this new banking paradigm in Vietnam.

Mike van der Wal, managing director of NCR in Southeast Asia, comments:

More than half the world’s population – concentrated in developing markets such as Vietnam – does not access formal banking services. Mekong Development Bank’s biometric NCR ATMs, which identify consumers by their fingerprint in place of a personal identification number, represent a major step forward in bringing banking services to the entire population of Vietnam. Mekong Development Bank’s customers can now enjoy convenient access with increased security.
Founded in 1992, Mekong Development Bank re-launched in 2009 under a new dynamic, modern, professional and convenient brand. Pivotal to this ethos is biometric authentication, which will revolutionise the way banking is undertaken in the country and grow Mekong Development Bank’s market share.

Volante, Temenos continues:

Mekong Development Bank’s experimental nature in the field of biometrics is something for other banks to sit up and pay attention to. With such innovative technology available, the opportunities for banks to capture market share are enormous, and the future of biometrics across multiple channels such as mobile and online banking is now a possibility.
Temenos is one of the only core banking systems with integrated biometric capability. It is a component of the T24 system, which has a larger installed base than any other banking software provider. T24 Biometrics is in use at financial institutions across Africa, with Mekong Development Bank being its first Asian customer to adopt biometric authentication.

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