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Deposit insurers promote policy communication
Determining the role of the media in raising public awareness in general and depositors in particular, deposit insurers around the world have developed and effectively applied many strategic communication projects.
In Malaysia, the deposit insurance corporation (PIDM) always aims to build a solid foundation, respond to changes in the operating environment as well as the focus orientation of the organization. PIDM focuses on the pillar "Strengthening stakeholder trust" - implementing many communication projects and initiatives such as financial recovery 2.0, community financial education forum, thereby achieving the goal. target public awareness level about 75%, community support level reach 50%.
In Korea, the financial education program of Korea Deposit Insurance Corporation (KDIC) since 2010 has been implemented both face-to-face and online, bringing remarkable results. KDIC has trained some students to act as media collaborators on social networks to increase interaction with young people; organize seminars and exhibitions on financial investment techniques with more than 70% of the participants being middle-aged to disseminate knowledge about deposit insurance. KDIC has also built an integrated information technology processing system (IRIS) that plays the role of providing information to depositors, supporting the quick payment process, performing compensation procedures for deposits insurance.
In the Philippines, the Philippine Deposit Insurance Corporation (PDIC) is currently applying the Digital Communication Scheme, linking with banks and local governments. PDIC's digital communication services include the internet, social networks and automatic messaging services through 78 centers in provinces. PDIC also implemented many new communication activities such as launching the deposit insurance e-Calculator tool to help depositors calculate the insured deposit balance; Social media accounts on Facebook and Twitter were launched on the occasion of the organization's 53rd anniversary in 2016. PDIC launched the campaign “Maniguro, Magbangko” - a pioneering program to raise public awareness. based on nationwide cross-platform communication to promote the saving habits of Filipinos. The campaign consists of 2 TV commercials, 3 radio commercials and various social media content to educate the public on the benefits of banking services, encouraging them to continue or start saving money at the bank.
Depositors' awareness of deposit insurance policy in Vietnam
According to the results of an applied research project conducted by DIV in 2020, the awareness of depositors about the deposit insurance policy is determined through the percentage of depositors who understand all the core elements of the deposit insurance policy such as: insured deposit, liability to reimburse, coverage limit, organization responsible for insurance payment; how to handle deposits in excess of the coverage limit.
Out of more than 1,000 survey participants, nearly 35% have all the core information about deposit insurance policy at the same time. This is a low average rate, on the basis of comparison with the target perception rate set by the Deposit Insurance Development Strategy of 45% of depositors by 2025 and 55% of depositors by 2030 that can capture the core contents of the deposit insurance policy. At the same time, the majority of depositors were partially aware but did not fully understand the core contents of the deposit insurance policy, accounting for over 61%. Notably, nearly 4% of depositors participating in the survey were completely unaware of any of the above policy elements.
Meanwhile, the rate of specific awareness for each indicator is very high. 77% of survey respondents know about the currency of the insured deposit; 75.3% know that the responsibility to pay deposit insurance premium belongs to the credit institution receiving the deposit; 60.8% know about the current coverage limit; 81.1% know that the DIV is the organization that will reimburse if the insured institution becomes insolvent or goes bankrupt; 64% know that after the insurance is paid, the excess deposit will be paid after liquidation of the credit institution's assets.
Strive for 45% of depositors by 2025 and 55% of depositors by 2030 to grasp the core contents of the deposit insurance policy.
According to Directive No.07/CT-TTg dated March 21, 2023 on strengthening policy communication, policy communication is an important task and function of State administrative agencies at all levels. Newspapers and other forms of communication are information channels, a basic and important method for policy communication. In the context of the current information explosion, policy communication needs to be focused, improving professionalism throughout the system of State administrative agencies, contributing to creating consensus, improving efficiency, effectiveness in policy implementation. In particular, it is necessary to take the initiative and innovate the method of communication and the form of information provision to ensure publicity, transparency and to meet the information needs of press agencies and journalists. Strengthen close, timely and more effective coordination among ministries, branches and agencies in charge of policy communication.
On that basis, in order to achieve the target rate of awareness set by the Deposit Insurance Development Strategy to 2025, with orientation to 2030, it is necessary to develop a Policy Communication Project on deposit insurance to promote communication in the coming years, thereby increasing the awareness level of depositors about deposit insurance policy.
The deposit insurance policy communication project should present views, orientations, goals and actionable solutions in the development and management of communication with external and internal; building and developing the image of the DIV, contributing to the realization of the objectives of the development strategy that the DIV is pursuing. Over the past 20 years, the DIV has accumulated a lot of experience and lessons in communication work. In the coming period, the DIV needs to renew its awareness and apply a modern communication approach in building and managing communication activities; clearly define the goals to be achieved, targeting specific communication objects. At the same time, harmoniously combining compliance with legal regulations with the application of international standards and practices in communication, towards increasing professionalism and efficiency in operations.
The objective of the communication strategy is to create the image of DIV - a State-owned financial institution operating not for profit, in order to protect the legitimate rights and interests of depositors, to implement the policy of deposit insurance to contribute part of maintaining the stability of the system of credit institutions, ensuring the safe and healthy development of banking activities.
The communication project should set out specific solutions, suitable for each period and in line with the development strategy, which includes a contingency communication plan for the period of credit institution restructuring. In the stable period, the communication and dissemination of deposit insurance policies should be carried out regularly and periodically through many mass media channels suitable to the target audience. In addition, attention should be paid to financial education for depositors in order to raise awareness of deposit insurance. In the period when there are weak credit institutions that need to be restructured, focus on transparent and widespread disclosure of information – especially information on prioritizing the protection of the legitimate interests of depositors. In addition, it is necessary to periodically evaluate the effectiveness of communication and dissemination of deposit insurance policies through surveying the awareness level of depositors in order to update and supplement specific solutions for each period. In particular, in the coming period, focus on implementing the communication of deposit insurance policies in association with researching and proposing amendments and supplements to the Law on Deposit Insurance.
To achieve the results and objectives of the communication project, it is necessary to implement a number of strategic communication solutions and actions groups such as: Building communication products and channels; implementing communication cooperation; promulgating regulations on management and guidance of communication work; organizing the apparatus for communication; necessary communication skills training for communication staff; investing in technology platforms for communication.
In particular, focusing on applying modern solutions, applying digital tools to the public, improving the technical features of the website, updating content to suit the information needs of the public as well as follow up on issues of interest to depositors; consider and pilot the implementation of a communication program to promote the viral communication products; proceeding to build an online support system for depositors, using tools such as email, online counseling, social networks (Facebook, Zalo, etc.) in a reasonable and controlled manner to monitor online information about deposit insurance policies as well as DIV, thereby promptly capturing negative information to correct and explain, so that the deposit insurance organization can officially appear on social networks, give official voice to preserve depositors' confidence.
The DIV needs to promote the dissemination of the deposit insurance policy in all aspects: the scale, the depth of information, increasing access to the public. It is necessary to propose the competent authorities to consider and adjust how to calculate expenditures for communication and dissemination of deposit insurance policies and laws of DIV to meet the requirements of deposit insurance policy communication activities. The DIV needs to develop an inclusive communication plan, leaving no target group behind. At the same time, clearly identify the specific public audience for each communication program, in order to ensure consistency in communication channels, communication messages, communication content, and form of expression.
In addition, in order to promote depositors' awareness of deposit insurance, a strong and comprehensive effort is needed not only by Vietnam Deposit Insurance but also by the participation and involvement of relevant agencies. Therefore, it is necessary to develop an effective coordination mechanism between the DIS and competent agencies such as the State Bank, the National Financial Supervisory Commission, the Ministry of Finance, etc. and organizations participating in deposit insurance such as commercial banks and people's credit funds to create confidence for depositors in the entire financial-banking system.
It is recommended to organize an annual preliminary assessment of depositors' awareness on a national scale with a small sample size, through online tools or by phone. In addition, every 3 years, an overall assessment of the awareness and behavior of depositors nationwide with a large sample size is conducted by an independent market research and survey unit. From there, draw corresponding communication solutions, striving to achieve the goal that by 2025, 45% and by 2030, 55% of depositors can grasp the core contents of the deposit insurance policy.
Communication Department
Deposit insurers promote policy communication
Determining the role of the media in raising public awareness in general and depositors in particular, deposit insurers around the world have developed and effectively applied many strategic communication projects.
In Malaysia, the deposit insurance corporation (PIDM) always aims to build a solid foundation, respond to changes in the operating environment as well as the focus orientation of the organization. PIDM focuses on the pillar "Strengthening stakeholder trust" - implementing many communication projects and initiatives such as financial recovery 2.0, community financial education forum, thereby achieving the goal. target public awareness level about 75%, community support level reach 50%.
In Korea, the financial education program of Korea Deposit Insurance Corporation (KDIC) since 2010 has been implemented both face-to-face and online, bringing remarkable results. KDIC has trained some students to act as media collaborators on social networks to increase interaction with young people; organize seminars and exhibitions on financial investment techniques with more than 70% of the participants being middle-aged to disseminate knowledge about deposit insurance. KDIC has also built an integrated information technology processing system (IRIS) that plays the role of providing information to depositors, supporting the quick payment process, performing compensation procedures for deposits insurance.
In the Philippines, the Philippine Deposit Insurance Corporation (PDIC) is currently applying the Digital Communication Scheme, linking with banks and local governments. PDIC's digital communication services include the internet, social networks and automatic messaging services through 78 centers in provinces. PDIC also implemented many new communication activities such as launching the deposit insurance e-Calculator tool to help depositors calculate the insured deposit balance; Social media accounts on Facebook and Twitter were launched on the occasion of the organization's 53rd anniversary in 2016. PDIC launched the campaign “Maniguro, Magbangko” - a pioneering program to raise public awareness. based on nationwide cross-platform communication to promote the saving habits of Filipinos. The campaign consists of 2 TV commercials, 3 radio commercials and various social media content to educate the public on the benefits of banking services, encouraging them to continue or start saving money at the bank.
Depositors' awareness of deposit insurance policy in Vietnam
According to the results of an applied research project conducted by DIV in 2020, the awareness of depositors about the deposit insurance policy is determined through the percentage of depositors who understand all the core elements of the deposit insurance policy such as: insured deposit, liability to reimburse, coverage limit, organization responsible for insurance payment; how to handle deposits in excess of the coverage limit.
Out of more than 1,000 survey participants, nearly 35% have all the core information about deposit insurance policy at the same time. This is a low average rate, on the basis of comparison with the target perception rate set by the Deposit Insurance Development Strategy of 45% of depositors by 2025 and 55% of depositors by 2030 that can capture the core contents of the deposit insurance policy. At the same time, the majority of depositors were partially aware but did not fully understand the core contents of the deposit insurance policy, accounting for over 61%. Notably, nearly 4% of depositors participating in the survey were completely unaware of any of the above policy elements.
Meanwhile, the rate of specific awareness for each indicator is very high. 77% of survey respondents know about the currency of the insured deposit; 75.3% know that the responsibility to pay deposit insurance premium belongs to the credit institution receiving the deposit; 60.8% know about the current coverage limit; 81.1% know that the DIV is the organization that will reimburse if the insured institution becomes insolvent or goes bankrupt; 64% know that after the insurance is paid, the excess deposit will be paid after liquidation of the credit institution's assets.
Strive for 45% of depositors by 2025 and 55% of depositors by 2030 to grasp the core contents of the deposit insurance policy.
According to Directive No.07/CT-TTg dated March 21, 2023 on strengthening policy communication, policy communication is an important task and function of State administrative agencies at all levels. Newspapers and other forms of communication are information channels, a basic and important method for policy communication. In the context of the current information explosion, policy communication needs to be focused, improving professionalism throughout the system of State administrative agencies, contributing to creating consensus, improving efficiency, effectiveness in policy implementation. In particular, it is necessary to take the initiative and innovate the method of communication and the form of information provision to ensure publicity, transparency and to meet the information needs of press agencies and journalists. Strengthen close, timely and more effective coordination among ministries, branches and agencies in charge of policy communication.
On that basis, in order to achieve the target rate of awareness set by the Deposit Insurance Development Strategy to 2025, with orientation to 2030, it is necessary to develop a Policy Communication Project on deposit insurance to promote communication in the coming years, thereby increasing the awareness level of depositors about deposit insurance policy.
The deposit insurance policy communication project should present views, orientations, goals and actionable solutions in the development and management of communication with external and internal; building and developing the image of the DIV, contributing to the realization of the objectives of the development strategy that the DIV is pursuing. Over the past 20 years, the DIV has accumulated a lot of experience and lessons in communication work. In the coming period, the DIV needs to renew its awareness and apply a modern communication approach in building and managing communication activities; clearly define the goals to be achieved, targeting specific communication objects. At the same time, harmoniously combining compliance with legal regulations with the application of international standards and practices in communication, towards increasing professionalism and efficiency in operations.
The objective of the communication strategy is to create the image of DIV - a State-owned financial institution operating not for profit, in order to protect the legitimate rights and interests of depositors, to implement the policy of deposit insurance to contribute part of maintaining the stability of the system of credit institutions, ensuring the safe and healthy development of banking activities.
The communication project should set out specific solutions, suitable for each period and in line with the development strategy, which includes a contingency communication plan for the period of credit institution restructuring. In the stable period, the communication and dissemination of deposit insurance policies should be carried out regularly and periodically through many mass media channels suitable to the target audience. In addition, attention should be paid to financial education for depositors in order to raise awareness of deposit insurance. In the period when there are weak credit institutions that need to be restructured, focus on transparent and widespread disclosure of information – especially information on prioritizing the protection of the legitimate interests of depositors. In addition, it is necessary to periodically evaluate the effectiveness of communication and dissemination of deposit insurance policies through surveying the awareness level of depositors in order to update and supplement specific solutions for each period. In particular, in the coming period, focus on implementing the communication of deposit insurance policies in association with researching and proposing amendments and supplements to the Law on Deposit Insurance.
To achieve the results and objectives of the communication project, it is necessary to implement a number of strategic communication solutions and actions groups such as: Building communication products and channels; implementing communication cooperation; promulgating regulations on management and guidance of communication work; organizing the apparatus for communication; necessary communication skills training for communication staff; investing in technology platforms for communication.
In particular, focusing on applying modern solutions, applying digital tools to the public, improving the technical features of the website, updating content to suit the information needs of the public as well as follow up on issues of interest to depositors; consider and pilot the implementation of a communication program to promote the viral communication products; proceeding to build an online support system for depositors, using tools such as email, online counseling, social networks (Facebook, Zalo, etc.) in a reasonable and controlled manner to monitor online information about deposit insurance policies as well as DIV, thereby promptly capturing negative information to correct and explain, so that the deposit insurance organization can officially appear on social networks, give official voice to preserve depositors' confidence.
The DIV needs to promote the dissemination of the deposit insurance policy in all aspects: the scale, the depth of information, increasing access to the public. It is necessary to propose the competent authorities to consider and adjust how to calculate expenditures for communication and dissemination of deposit insurance policies and laws of DIV to meet the requirements of deposit insurance policy communication activities. The DIV needs to develop an inclusive communication plan, leaving no target group behind. At the same time, clearly identify the specific public audience for each communication program, in order to ensure consistency in communication channels, communication messages, communication content, and form of expression.
In addition, in order to promote depositors' awareness of deposit insurance, a strong and comprehensive effort is needed not only by Vietnam Deposit Insurance but also by the participation and involvement of relevant agencies. Therefore, it is necessary to develop an effective coordination mechanism between the DIS and competent agencies such as the State Bank, the National Financial Supervisory Commission, the Ministry of Finance, etc. and organizations participating in deposit insurance such as commercial banks and people's credit funds to create confidence for depositors in the entire financial-banking system.
It is recommended to organize an annual preliminary assessment of depositors' awareness on a national scale with a small sample size, through online tools or by phone. In addition, every 3 years, an overall assessment of the awareness and behavior of depositors nationwide with a large sample size is conducted by an independent market research and survey unit. From there, draw corresponding communication solutions, striving to achieve the goal that by 2025, 45% and by 2030, 55% of depositors can grasp the core contents of the deposit insurance policy.
Communication Department
