Go-live FPT eID - Electronic Identification Solution for Woori Bank Vietnam

Woori Bank Vietnam is a core global network of Woori Bank, headquartered in Seoul, Korea, first set foot in Vietnam in 1997. Since launching as a local corporation with setting up Head office in Hanoi in 2017, Woori Bank Vietnam currently operating with 14 branches/transaction offices in 10 major cities nationwide. In the field of digital banking, Woori Bank is highly appreciated and continuously upgraded and developed, increasing user experience. 

The project to implement FPT eID for Woori Bank was established with the goal of enhancing customer experience on the WON APP through AI-powered facial recognition technology. It also aims to strengthen the anti-spoofing capabilities of chip-based citizen ID cards using the FPT.IDCheck service, which verifies data based on the national population database. Additionally, the system helps alleviate the burden of processing and categorizing a large number of new customers daily at transaction counters while optimizing Woori Bank’s management and operational processes. 

Challenges 

The verification process in Woori Bank faces various challenges due to: 

In response, the bank had planned to search for reliable identity authentication solutions that can be seamlessly integrated with its existing systems. 

Solution 

After evaluating various available solutions, Woori Bank decided to choose FPT eID, a Made-by-FPT product. This solution not only leverages cutting-edge technology but also prioritizes user-friendliness. FPT eID integrates the latest and advanced technologies such as biometric authentication to enhance personal data security, ensuring customer information protection while improving service efficiency. 

The FPT eID implementation project for Woori Bank aims to enhance customer experience on WON APP by using AI-powered facial recognition, strengthen fraud prevention for chip-based citizen ID cards via FPT.IDCheck, which verifies data based on the national population database, and streamline brand operations. By redcuing the burden of onboarding and categorizing a high volume of new customers daily, FPT eID helps optimize Woori Bank’s management and operational processes. 

Result 

Throughout implementing FPT eID, Woori Bank received dedicated support from FPT’s implementation team, along with comprehensive documentation and detailed guidance to ensure and a smooth and quick implementation of the solution 

After 12 weeks of implementation, the system successfully achieved the go-live stage on Dec 4th 2023. Following its official launch, the new system has processed 6400 IDCheck transactions at Woori Bank within just 24 days of operation. It has demonstrated an 85% accuracy rate in detecting fraud through facial recognition and achieved a flawless 100% accuracy in authentication using chip-based citizen ID cards. 

“With the adoption of FPT eID, Woori Bank’s eKYC process is now one minute faster than the previous workflow, reducing processing time for customers while improving identity verification accuracy to 99.4%" - said Mr. Cho Dae Hyun, Head of the WON Financial Platform Division, during the project go-live ceremony on December 28, 2023, where he evaluated the effectiveness of FPT eID’s anti-fraud authentication system at Woori Bank, implemented by FPT. 

In Korea, Woori Bank is among the top three most recognized financial institutions. However, its brand awareness in Vietnam remains limited. Through this collaboration, both parties hope to establish a strong foundation for future partnerships.