VietinBank wins Best Mobile Banking Technology Implementation Award for improving customer base and services through innovative mobile app

• The bank introduced a new version of its mobile application with enhanced services 
• The bank increased its customer base to 2 million and improved mobile transaction
• The bank improved its digital services through innovative application

28 October 2020, Singapore — VietinBank received the award for Best Mobile Banking Technology Implementation at the Financial Technology Innovation Awards Virtual Ceremony 2020 presented by The Asian Banker.

The bank introduced a new version of its mobile application with enhanced services

VietinBank introduced a new version of its mobile application. It implemented a suite composed of 52 new utilities such as airline ticket booking, railway ticket booking, schedule transfer, auto-billing, credit card maintenance and many more. The bank’s main goal is to make mobile banking application not just the main transaction channel but also to develop it as a sale channel and lifestyle application in daily digital life.

The bank increased its customer base to 2 million and improved mobile transaction

The successful implementation led to an increase in customer base that reached 2 million. The number of transactions via mobile banking also grew to more than 85 million. Savings via mobile banking surged to VND1900 billion ($81.8 million) and fee income spiked to around VND410 billion ($17.7 million). The new application also helped VietinBank to save cost on operations that reached VND30 billion ($1.3 million) in just three months after the launch. The application has been rated 4.4 out of 5 points in the application market.

The bank improved its digital services through innovative application

Through this implementation, it takes only a maximum of three steps to complete a transaction via mobile application. With Soft OTP, each transaction has become more secured and fast. It takes about 1-2 seconds to retrieve or transfer data from application to banking host system. It also increased customer satisfaction. The customer claim rate decreased dramatically from 0.05% to 0.017%

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. Its business revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com.

You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/

Click here for the full list of winners

For further information, you may get in touch with:

Mr. Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

mkazmi@theasianbanker.com