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Effective communication brings many practical benefits
According to the International Association of Deposit Insurers (IADI), in order to build an effective deposit insurance system, the public must be informed about the benefits and limitations of the deposit insurance system through regular and continuous communication programs.
Effective communication programs benefit both the public and the deposit insurance. specifically, dissemination of information facilitates public awareness of the concept of deposit insurance, key features of the deposit insurance system. The public needs to know about how their legitimate rights and interests are protected by the deposit insurance, the extent of the insured deposits, coverage limit, basic information about the deposit insurance, and therefore limit excessive expectations affecting the deposit insurance system and financial stability.
Effective communication helps to restore and strengthen confidence in the system of credit institutions, especially when the financial system fails. If depositors have confidence in the safety of their deposits at publicized credit institutions, the recovery process of the economy in general and the financial system in particular will be faster, and financial stability will also be improved.
In addition, effective communication also provides important information to depositors when risks occur to the insured institutions. The deposit insurance needs to ensure the safety of the insured deposits, and at the same time guide and support depositors to carry out legal procedures and documents to quickly receive the reimbursement. Providing timely and accurate information demonstrates the deposit insurance's ability to fully perform its functions, helping to maintain public confidence.
Communication activities about the role of deposit insurance also contribute to promoting financial inclusion. Thanks to the communication activities, public awareness of risks and the guaranteed compensation in deposit activities at banks have been raised. People will trust deposit activities in particular and other products and services of the bank in general, and limit their participation in using informal financial products and services. The general savings source of the economy is also increased, promoting the attraction of investment capital of the whole society.
In addition, communication activities also help the deposit insurance to build a solid, professional, effective and reliable image in public, meeting its mission of protecting depositors and payout in a timely manner when the failure occurs.
Communication activities on deposit insurance play an important role, but have not been properly recognized. The reason is that the role and function of the deposit insurance in contributing to the safety of the financial-banking market is often only apparent when there is a failure. Therefore, communication programs need to be developed with a long-term vision, along with the process of formation and development of the deposit insurance system.
Policy communication needs special attention
The Law on Deposit Insurance stipulates that deposit insurance policy communication is a profession of the DIV, whereby the DIV has the following tasks: “organizing the dissemination of policies and laws on deposit insurance ; organize training courses on deposit insurance". In addition, in the context of Resolution No. 42/2017/QH14 on piloting non-performing loan settlement of credit institutions, Decision No.689/QD-TTg approving the Project of "Restructuring the system of credit institutions associated with settlement of non-performing loans for the period of 2021 - 2025 " and Directive No.06/CT-TTg dated March 12, 2019 on strengthening solutions to ensure operational safety, firmly consolidating the current people's credit fund system are actively implemented, the role of the insurance deposit in the restructuring process of credit institutions is expanded .
Over the past 23 years of establishment and development, DIV has gradually diversified its activities to promote deposit insurance policies to the public, provide training in related professions, and exchange information serving the activities of the deposit insurance, directing communication about the safety of the banking system; about adjusting deposit insurance coverage limit, pilot online survey to assess the awareness level of depositors towards deposit insurance policy...
DIV also sets a target that 45% and 55% of depositors grasping the core contents of the deposit insurance policy by 2025 and by 2030 respectively.
In addition, the DIV has also actively coordinated with the SBV and credit institutions to carry out many activities to promote and disseminate relevant to the laws, contributing to ensure the safe and healthy development of banking operations. Depositors can safely deposit money at any public institution.
For synchronous, timely and effective communication on deposit insurance, a single communication plan of the deposit insurance is not enough. The financial system includes highly organic relationship factors, so communication about deposit insurance needs to follow a methodical and synchronous communication strategy. This helps the communication plan be built in a methodical, non-overlapping manner, the message is conveyed to the public in a uniform, transparent, open manner, avoiding confusion and contradictions in the content; Consequently, strengthening the relationship between the deposit insurance system and the public, increasing awareness among people, especially those in rural areas with little financial literacy.
In order to improve the effectiveness of deposit insurance policy communication, first of all, affirming and enhancing the role of communication on deposit insurance is very important, which not only helps the deposit insurance improve its image and position in the public's eye but also strengthen and enhance financial confidence and understanding for depositors and the public, contributing to maintaining the safety and stability of the financial system.
At the same time, it is necessary to develop a communication strategy of the deposit insurance based on the development strategy of the banking industry in general and the development strategy of deposit insurance in particular . Communication activities need to be carried out regularly, periodically, promoted in the direction of diversifying content and implementation, suitable to the target audience and the development stage of the deposit insurance. DIV needs to periodically carry out survey and evaluate the public awareness of the deposit insurance policy, combined with the evaluation of the effectiveness of communication activities in order to update and appropriate supplementary solutions for each period.
In addition, it is necessary to strengthen coordination with socio-political organizations, agencies and units to properly disseminate and integrate the contents of deposit insurance to increase public awareness of the deposit insurance policy ; improve communication capacity for deposit insurance. In terms of human resources, it is necessary to add a team of personnel suitable to the size and job requirements, especially highly qualified personnel; organizing training, fostering knowledge, professional skills, journalistic skills, communication experience on policy, information processing for the staff of media. Regarding technology, it is necessary to continue innovating, combining the traditional form with the online form, applying modern technologies such as artificial intelligence (AI), automatic interaction system (chatbot) to develop the technology. Proactively, intelligently and automatically deploy communication activities, coordinate flexibly, take advantage of social networks and mass media.
Communication strategies, processes to inform the public, or as simple as press releases, timely official notices to depositors help the public properly understand deposit insurance and feel secure to deposit money at credit institutions . In the current context, communication in general and communication on deposit insurance in particular is not only the responsibility of the DIV but also the common responsibility of the players in the financial safety net.
