The solution of signing an electronic contract authenticated by the digital signature of FPT.eSignCloud of the FPT IS’s author group has helped Systemists earn billions VND every year.
Before FPT.eSignCloud, the manual contracting process consisted of many steps, time-consuming travel, contact for contract transfer to signers due to limited geographical scope between the two parties. At the same time, this process incurs printing costs, delivery, storage and timing for approval between signing levels. However, the electronic signature method is not legal, leading to this process is still inadequate.
So the author team of three officers, Mr. Le Viet Cuong, Mr. Nguyen Tien Long and Mr. Tao Tuan Anh, came up with the idea for this product. Mr. Nguyen Tien Long is a sales officer of FPT-CA Digital Signature Center, so he is also aware of a part of a competitive market with many competitors, large and small, the number of new suppliers being licensed. continuity. To survive and develop: FPT-CA needs to be different, creating new markets for new customers. That makes him always thinking and ideas of FPT.eSigncloud formed from the middle of 2017.
Previously, FECredit used the Docusign solution, electronic signatures are not digital signatures and are not legally recognized in Vietnam. The solution had many errors and had to re-sign the paper records. Mr. Tao Tuan Anh at FIS Bank Ho Chi Minh plays an important role in interacting with customers, understanding the actual needs of customers; and FPT.eSignCloud are completed, meeting all requirements of FECredit. Along with that, Mr. Le Viet Cuong is the Director of Digital Signature Center, he understands the operation of the system, techniques and legal procedures when applying digital signatures so the three brothers decided to work together to make FPT eSignCloud.
FPT.eSignCloud is the first and only personal digital signature solution to date in Vietnam. The system helps to sign contracts, browse documents regardless of space and time, ensuring the authenticity and data integrity. Simultaneously creating new services, helping FPT open its own market.
Innovative includes 3 components: Automatic digital signature initialization (CA), OTP SMS code and customer identification information (KYC). The system works in steps: Users create a signature on the webportal, the bank automatically approves the loan with KYC and returns the completed contract, the customer signs the contract with OTP and receives money through a bank account.
The solution helps to shorten the time to approve and sign a loan from at least one day to about 10-15 minutes. After 6 months of implementation, financial institutions and banks applied products including: FE Credit, Home Credit, Easy Credit and OCB… With FE Credit, FPT IS has signed a contract with the expected usage amount from 1-5 million digital signatures annual and bring the company from 7-32 billions VND. The product is expected to bring about billions VND revenue to the corporation.
Mr. Le Viet Cuong – a member of the project team shared: “Digital conversion and digital signatures are almost two concepts that will go hand in hand. Apart from the problem of consumer lending, we can find very many other problems effectively applying digital signatures such as paperless office systems, electronic health systems, e-government … We hope that FPT.eSignCloud will continue to be developing into an ecosystem, integrating many applications in it in the future.” Mr. Cuong expressed his joy and affirmed that he would continue to share and introduce to everyone to be motivated to continue creating and improving in their daily work.
Product is the crystallization of cooperation and union
There are two special things about the owner of FPT.eSignCloud products: the first product between 2 members of FISx are Bank and CA, and also the product of an alliance between South and North. In the process of making the product, the whole team is gathered and conceived the product from the early days so the process of researching and making the product did not face much difficulty.
The most difficult is in the stage of project presentation and infrastructure investment approval. Running the service requires a system, and the client is needing to run a test first to evaluate and buy. Infrastructure investment also incurs a large cost, so it is hard to convince the leadership. And it is very fortunate that the project highly appreciated by FPT IS leaders should be approved for implementation.
The communication between the three members is also difficult because of the geographical distance, but the urgency can call directly, otherwise it will be exchanged via Workchat and planning the meeting if necessary.
However, those difficulties have all disappeared and paid off with customers’ interest in the solution. Many customers have not heard of the application of digital signatures in signing electronic contracts with digital signatures, so the advantages of FPT.eSignCloud are highly appreciated by customers because of the process from creating a digital signature to signing a contract with only 1 second. Moreover, it is only necessary for users to use the App Mobile or website to sign an electronic contract. The system works 24/24, not limited in scope but only where there is Internet.
“The first feeling is very happy because customers like their products, but also very worried. Can I do it? Because customers are Finance and Banking Company, it is very important to ensure commitment and confidentiality? ”– Mr. Long shared.
Responsibility to “spread” FPT.eSignCloud to the outside
Mr. Cuong shared: “Actually, I feel very happy because the product is named in the final round to have the opportunity to be presented to the council. It is a reward for the efforts of the whole team from the idea creation, development to sales products. However, what made the team most fun was the appreciation from the judges and the leaders of FPT. This is a product with huge business potential, so the gold prize will be a good premise to bring information about the product to many business units in FPT IS/FPT ”.
Winning the highest award of month, but the team also understands this award as the motivation for everyone to try harder. The Council also awarded the Digital Conversion Award for its products, because of its applicability in e-government, digital businesses and digital individuals. In addition to enterprise services, the forthcoming product orientation can be used in public administrative services.
The team also expects to not only deploy FPT.eSigncloud to all banks in Vietnam but also develop more applications and utility experiences for customers and end-users; towards use in Digital Enterprises, citizens of e-government, e-payment.
“The immediate task will be even heavier that is how to make the product widely known, reach more customers and bring more revenue to the company,” Mr. Long said.
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