Scale360, a UK-based fintech start-up with an expansive FinTech Development Centre in Bangkok, announced the first deployment of its innovative Digital Branch in Asia with Vietnam’s TPBank.
The fast-growing digital-focused bank is using the Scale360 Digital Branch to enable faster, cost-efficient growth of its branch network, and plans to expand its branch footprint by opening a further 50 Scale360 Digital Branches across Vietnam for a fraction of the cost of establishing a traditional branch. Scale360’s Digital Branch is designed to make banking more accessible for today’s consumer and delivers personalised one-to-one banking services for the digital age. The Digital Branch replaces the need for a brick-and-mortar branch, and allows customers to connect to specialist advisors via a video link.
“TPBank has a clear digital strategy and we are delighted to be part of their journey,” said Neville Molyneux, managing director, Scale360. “Scale360’s Digital Branch is one part of the journey and it provides a crucial connection between the physical and digital worlds, an important requirement until full transition to digital is possible. As long as there is a regulatory requirement for paper-based and face-to-face onboarding of customers this will remain necessary for banks.”
Branded as TPBank’s LiveBank, the new service delivers a better user experience that allows customers greater flexibility and control, and improves operational efficiencies for the bank. The Digital Branch delivers a number of new services to the bank, including supporting teller-less account opening and KYC (Know Your Customer) functions, while the bank’s ability to access omni-channel customer data using Scale360’s Digital Banking Portal (DBP) allows customers to buy products on their mobile device and complete their application or obtain face-to-face advice at the Digital Branch.
The new service also allows TPBank customers to deposit cash and make basic loan applications, and gives the bank the opportunity to introduce new products and services via specialist advisors, providing personalised financial services in the digital economy.
“TPBank aims to become Vietnam’s leading digital bank by improving our quality of products and services through using technology, and the introduction of our LiveBank service is an important element of our digital strategy. We aim to improve our customer’s experience with better accessibility to our products and services, as we need to adapt to fit our customer’s lifestyles. Scale360’s solutions give us the platform to be able to create products and services that meet their needs better,” said Mr. Dinh Van Chien, Deputy CEO and Head of Retail Banking, TPBank.
TPBank is leading the digital charge in Vietnam and was recognised as Vietnam’s ‘Most Innovative Digital Bank’ in 2014 and 2015, and the ‘Best Retail Bank Vietnam’ in 2015 and 2016 by Global Financial Market Review, and the ‘Best Internet Bank in Vietnam’ in 2016 by The Asian Banker.
“At Scale360 we have a very clear vision of how banks need to operate in the digital age, and to deliver a superior customer journey today’s mobile and connected customers are looking for. This means rethinking how banks currently engage with their customers. At Scale360 we have developed solutions that enable a pure digital play, meeting the needs of customers while also maximising opportunities for banks to generate revenue,” added Neville.
Scale360’s Digital Branch has been designed to perform all the functions of a traditional branch. Bank customers can use the Digital Branch to carry out transactions by themselves, or contact an advisor via the integrated video link. Customers can upload any required documents using a built-in scanner, securely verify their identity and log-in to their account using biometric authentication, and print application forms for financial products. The Digital Branch can help extend traditional opening hours, making banking more convenient for customers.
As banks embrace digital research has shown that customers still value a human touch. A 2016 study on the future of retail banking by EY found that 55% of people believed it is important to be able to speak with a real person at their bank 24/7; 44% don’t trust banks without branches; and 55% go to a branch or call when they want to purchase a product or get advice.
Scale360 was established in 2005 and now employs over 100 people across the globe. The company was awarded preferred investment status by Thailand’s Board of Investment as part of its commitment to extend knowledge of leading digital technologies and contribution to knowledge transfer in the local workforce at its FinTech Development Centre in Bangkok. The company also operates offices in London and Singapore.
Re-disseminated by The Asian Banker