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Actively disseminating deposit insurance policies at PCFs
Dissemination of deposit insurance policies is a process of sharing and interacting to bring information about deposit insurance to the public to improve their understanding and help depositors know more about their rights and obligations, thereby developing and consolidating depositors' confidence in the credit institution system and the safety and soundness of banking operations. At the same time, it makes depositors become an important partner of the deposit insurer in monitoring and supervising insured institutions. This is one of the important factors contributing to a stronger and more efficient deposit insurance system.
Over the past years, the DIV has actively implemented communication to depositors at PCFs through issuing leaflets, publications, articles, etc. This is a method that has been implemented from the very beginning and throughout the development of the DIV. Together with this method, the DIV has also conducted public awareness activities in specialized scientific magazines and newspapers through news, articles, and the Q&A section about deposit insurance, and English translation about financial - banking - deposit insurance operations.
Meanwhile, the website is also the official channel to convey all information about deposit insurance policies and the DIV’s operations. Detailed information is updated regularly in the form of news, articles, photos, and sections for depositors and insured institutions. In addition, the periodic Deposit Insurance Bulletin, the Deposit Insurance Handbook for depositors, the official brand identity package with the slogan "Protecting the legitimate rights and interests of depositors" are also continuously updated and upgraded.
The DIV periodically cooperates with unions and associations such as the Women's Union, Farmers' Union, Veterans’ Association, etc. in organizing events, seminars and conferences at PCFs, in which deposit insurance policies are incorporated wisely, ensuring that they are understandable and easily accessible to depositors at PCFs.
These communication events not only disseminate full information about deposit insurance policies but also directly answer depositors' questions and concerns to help them understand properly and obtain information related to their legitimate rights and interests, know how they are protected, as well as the functions and duties of the deposit insurance organization. Thereby, they contribute to improving depositors’ awareness and confidence when continuously facing adverse information on financial and banking operations. This is an important factor to help repel and minimize black credit activities in rural, remote and isolated areas.
Since 2017, the DIV has conducted dissemination on the exclusive communication channel of the Vietnam Post. Up to now, this method has been conducted by displaying posters through its network of post offices in 36 provinces, with a total of more than 400 points in districts and towns and nearly 5,000 ones in communes, reaching a large number of depositors in rural and mountainous areas.
It can be affirmed that prioritizing dissemination of deposit insurance policies to depositors at PCFs is an essential goal in relevance with the DIV’s operational objectives in each period of time. Despite some limitations in travel, infrastructure and means of service as PCFs are located in rural and mountainous areas as well as the complicated developments of the Covid-19 pandemic, etc. thanks to the active and effective implementation and coordination of SBV branches, PCFs and local authorities, communication activities have made a great contribution to raising public awareness of finance - banking - deposit insurance, thereby helping prevent and repel black credit in localities, maintaining the safety in the area over the past time.
Some recommendations and proposals
In order to improve the quality of communication as well as continue to effectively implement public awareness activities to the target audiences, especially depositors at PCFs in the coming time, here are some recommendations:
- Developing and accomplishing the comprehensive and long-term communication strategy for the consistent implementation within the DIV’s entire system: The DIV needs to develop specific strategies and plans and identify the right target audience for each period, while flexibly changing methods and contents of communication to improve the quality of communication activities at events.
- Effectively coordinating with SBV provincial branches, insured institutions and local authorities in disseminating deposit insurance policies: The DIV should well coordinate with insured institutions, SBV branches, local authorities to implement communication activities to depositors on a large scale. This coordination brings trust, attention as well as full and voluntary reception of information of depositors at the DIV's communication events. In addition, good public awareness of deposit insurance not only helps to monitor insured institutions and limit their moral hazard, but also encourages them to better comply with prudential regulations in banking operations, reducesthe DIV's burden in examination and supervision of these institutions.
- Continuing to establish and maintain good relationships with ministries, state agencies, economic experts, policy makers,etc. Taking part in organizing seminars, creating forums to exchange deposit insurance policies aims to create a strong influence and convey important communication messages to not only depositors at PCFs but also the general public on deposit insurance operations.
- Continuing to learn and exchange experience on communication activities on deposit insurance with other deposit insurers so that the DIV's communication activities will gradually catch up with the worldwide trend of communication in deposit insurance as recommended by the International Association of Deposit Insurers.
