Finance - Banking

Busy banks at the end of the year

HA KIEN December 30, 2024 14:25

At the end of the year, banks are always one of the busiest places because the transaction needs of people and businesses increase sharply.

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Near Tet, Sacombank Hai Duong is always bustling with transaction needs of people and businesses.

In particular, this year, banks are busier than ever as the credit room has an open policy, thereby better meeting the capital needs of people and businesses in the days leading up to Tet.

At 9:00 a.m. on December 27, Mr. Nguyen Minh Hoang, owner of a mobile device business in Hong Hung Commune (Gia Loc), arrived at BIDV Thanh Dong to borrow capital. After only about 10 minutes, his short-term loan of more than 2 billion VND was approved and ready for disbursement.

“In the past 15 years of doing business, I have spent nearly 10 years transacting at BIDV Thanh Dong. Each year, I find the bank more professional, more convenient, and the loan interest rates are now lower than before,” Mr. Hoang shared.

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After about 10 minutes, the short-term credit of Mr. Nguyen Minh Hoang in Gia Loc (black jacket) was approved. In 2025, he plans to borrow more to serve the capital needs of his family's mobile equipment business.

On the morning of December 30, after completing the real estate mortgage procedures, Ms. Nguyen Thi Dong in Ai Quoc ward (Hai Duong city) returned to Sacombank Hai Duong headquarters to sign documents to disburse a short-term loan of 6.5 billion VND for electrical equipment business.

“This year, many families have built new houses. The demand for house finishing and electrical equipment has also increased. This is the first time I have borrowed from a bank. I thought it would be difficult to borrow at the end of the year, but the reality is completely different. All procedures were supported and guided carefully by bank staff, and the processing time was quick,” Ms. Dong shared.

Mr. Nguyen Duy Binh, Deputy Director of BIDV Thanh Dong said: "The demand for transactions, both deposits and loans, of people and businesses at the end of the year increases. Understanding that, we have implemented a customer service plan based on the principle of support regardless of the time."

Interview with Mr. Nguyen Duy Binh, Deputy Director of BIDV Thanh Dong

Banks have reviewed and upgraded their information technology infrastructure, ensuring smooth transactions and thoroughly applying electronic platforms to shorten loan processes and procedures.

The new point in credit at the end of 2024 compared to previous years is the credit room (credit limit granted to each bank). If in previous years the State Bank granted credit in many batches during the year, heavily relying on the request-grant mechanism, in 2024, this agency has changed the room granting mechanism.

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Flexible regulations on credit room help people and businesses access bank capital more easily at the end of the year.

“Following the strong direction from the State Bank, credit institutions, including Agribank, are flexible in using credit room. Basically, branches and locations with capital needs are met promptly, ensuring service to people and businesses,” said Ms. Nguyen Thi Thanh Loan, Deputy Director of Agribank Hai Duong branch.

Interview with Ms. Nguyen Thi Thanh Loan, Deputy Director of Agribank Hai Duong branch

In addition to meeting transaction needs, at the end of the year, the banking system across the province also "sprinted" to support customers in updating biometric information.

January 1, 2025 coincides with the New Year holiday, banks are closed. Therefore, customers will encounter some inconvenience if online money transfers have problems, especially for customers who are not yet familiar with technology.

To avoid unfortunate interruptions in transactions for account holders, banks in the province have proactively requested customers to complete the biometric update as soon as possible. Staff at branches and transaction offices directly support customers in case they encounter difficulties in self-authentication.

However, according to the latest updated data from the State Bank of Vietnam's provincial branches, by the end of December 20, only more than 972,000 individual customers out of a total of nearly 1.3 million individual customers (based on the number of individual customers opening payment accounts and bank cards with transactions in the last 12 months) had updated their biometric information.

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Banks have proactively announced and increased staff working overtime to support people in checking and updating biometric information.

For corporate customers, the rate of updated and verified biometric information accounts for only nearly 14% of the total number of corporate customer profiles active on digital banking channels.

Banks recommend that people and businesses urgently review and compare biometric information to avoid disruptions in transactions on digital banking channels.

The bank also warns that invitations to log in to strange connection links, or calls claiming to be from bank employees for support, requests to install unknown applications... are all forms of fraud, posing potential risks and scams.

People and businesses should not provide confidential information such as OTP authentication codes, card numbers, digital banking passwords... to anyone, including bank employees.

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Busy banks at the end of the year