Timo builds customer trust amidst fintech cybersecurity chaos

In the latest episode of “Into the Cyberverse,” a cybersecurity podcast sponsored by VinCSS, Jonas Eichhorst, CEO of Timo Digital Bank, and Khoa Nguyen, Director of Infrastructure and Chief Information Security Officer at Timo Digital Bank, discussed how Vietnam’s first digital bank has successfully built and sustained customer trust amidst the growing number of cyber attacks targeting financial technology.

The episode sheds light on three crucial strategies that have helped Timo Digital Bank navigate the tumultuous fintech environment while reinforcing customer trust.

Jonas Eichhorst, CEO of Timo Digital Bank, and Khoa Nguyen, Director of Infrastructure and Chief Information Security Officer at Timo Digital Bank. Photo courtesy of VinCSS

Technology update

Digital banking relies heavily on technology. As the number of digital banking and transaction users continues to grow exponentially, the challenge is to scale effectively without increasing infrastructure costs.

By November 2023, Vietnam had 180 million active online personal payment accounts, with over 77.41% of Vietnamese adults holding such accounts, indicating a significant rise in digital transactions.

Timo Digital Bank, serving 800,000 users, has implemented a comprehensive cloud computing system, reducing traditional process times from a week to just 15 minutes.

This scalability ensures Timo can handle a growing user base while managing infrastructure costs and maintaining a seamless user experience.

Balance between security and convenience

The podcast addressed two common misconceptions: that digital banks must choose between strong security and new features, and that enhanced security inevitably leads to increased complexity and inconvenience for users.

Timo Digital Bank’s business principles are fundamentally based on trust, confidence, and strong security.

Timo is one of the first banks in Vietnam to achieve the highest level of Payment Card Industry Data Security Standard certification, PCI DSS Level 4.

They believe that safety and convenience are not mutually exclusive. Modern technology can meet both criteria.

Timo is adopting authentication technologies like biometrics and FIDO (Fast Identity Online), which provide secure yet user-friendly verification methods.

According to the podcast discussion, passwords are too difficult for users to remember, and most banks still burden their customers with this.

The recent Decision 2345 by the State Bank of Vietnam encourages banks to pursue advanced passwordless authentication technologies, enhancing both security and user convenience.

Customer education

“No matter what technology and cybersecurity measures digital banks implement, users need to be the first line of defense and become human firewalls,” said Khoa Nguyen.

Recognizing the pivotal role of users in the cybersecurity ecosystem, Timo invests significant efforts in educating its customers.

Timo has developed various channels and human-like digital characters to support users in understanding cybersecurity measures.

These initiatives extend beyond mere technical support to include lifestyle advice and financial knowledge aimed at helping users avoid scams.

By empowering customers with the knowledge and tools to protect themselves, Timo ensures that its users are an active part of the security framework.

In the ever-evolving fintech industry, building and maintaining customer trust is crucial.

Meanwhile, Timo Digital Bank’s approach to upgrading technology, balancing security with convenience, and comprehensively educating customers.

Watch the entire episode of “Into the Cyberverse” here.