Measures sought to promote development of smart banks

Measures sought to promote development of smart banks

Phùng Duy Khương, VPBank’s deputy general director said: “Consumers are looking for smarter, safer and faster technology. Banks must also be smarter, faster automated, and offer personalised services to customers.”

The change in consumer behaviour and needs is clearly reflected in the survey results of market research company Nielsen. Accordingly, the percentage of Vietnamese using mobile banking and internet banking in the fourth quarter of  二0 一 八 was  二 二 and  二 八 per cent, respectively. Nearly three years later, in the third quarter of  二0 二 一, these rates increased to  六 八 and  七 五 per cent.

In particular, the COVID- 一 九 pandemic has become a catalyst for faster change. Results from a Nielsen survey in  二0 二 一 showed that nearly  四0 per cent of consumers in Việt Nam who are using digital banking said they would use it more often even if COVID- 一 九 was under control.

“Therefore, a smart bank must be ahead of customers' needs,” he said, adding that sometimes customers have not yet discovered that they have such a need. "Smart banks need to be suggestive to customers about products and services that customers may need in the future."

The digital transformation process, based on VPBank's customer-centric approach to providing services and products, could be a typical example of a smart banking model in the future, he said. In the past few years, VPBank had implemented a comprehensive digital transformation strategy, bringing the bank's financial services and products to digital channels, even customer care services.

He said that currently, all of VPBank's products and services could be provided through digital channels for a better customer experience. For individual customers or small and medium-sized businesses, opening an online account through banking apps such as VPBank NEO and VPBank NEOBiz had become much simpler and faster thanks to the eKYC method. Customers could also open a credit card or apply for an unsecured loan and get disbursed completely through the app in just a few minutes, instead of having to go to traditional transaction offices as before.

VPBank developed VPBank NEO app to become an easy ecosystem to connect with partners. This capability helped customers shop, spend and invest financially right on the banking application. As a result, by the end of September  二0 二 一, the total number of digital transactions on VPBank's channels accounted for  九 八 per cent, satisfying users' new habits of self-service and self-experience. The rate of new customers opening through digital banking channels also accounted for  八 三 per cent of all channels. Besides, more than  八0 per cent of customer care services had been resolved and provided by VPBank through call centres and other online channels.

“The banking market is in a phase where organisations that can lead customers to the latest and most advanced digital services first will gain market share faster. It would also help retain customers to stay longer because digital technology has an irresistible attraction. VPBank is proud because we have partly understood and applied this philosophy to our business activities,” he added. — VNS