Tuesday, 21 May 2024

Best Digital Banking Service in Vietnam and Best Digital Ecosystem Initiative in Vietnam

5 min read

  • This bank surpassed its closest peers by providing a market-leading digital banking service, powered by its open banking and onboarding capabilities, robust digital sales and data analytics.  The bank's digital transaction volume constituted 90% of all transactions, with the majority being mobile-based, and more than 90% of its products and processes digitised. This impressive feat enabled the bank to achieve year on year digital sales growth of over of ~ 50% in 2022. As one of the first banks in Vietnam to implement a comprehensive e-know-your-customer solution, this bank allowed customers to open current accounts instantly from anywhere, with digital user growth multiplying by three times compared to 2021. 
  • On the ecosystem side, the bank is currently developing more than 10 ecosystems including eBankX. more than 50 active third-party applications connecting to TPBank’s Mobile Application including financial and non-financial partners. These ecosystems contributed 40% to its overall digital banking revenue. Together with strong e-know-your-customer capabilities customer growth rose from 4.8 million to 8.4 million between 2021 and 2022, with 70% onboarded through eKYC channel. The bank introduced a digital ecosystem that provides services across all channels targeting Millennial and GenZ customers with a suite of financial services including payments, savings, loans and investments. 
  • For growing its digital user base using strong digital infrastructure, contributing substantially to its revenue and customer acquisition platform, and impressive year-on-year revenue growth of 44%, the Best Digital Banking Service in Vietnam, and the Best Digital Ecosystem Initiative in Vietnam are from TPBank.
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