Thursday, 6 October 2022

TPBank’s digital customer ecosystem contributes 40% of overall retail banking revenue and 60% of new-to-bank customer acquisition

5 min read

TPBank offers over 20 services on its internet banking TPBank eBank platform, connecting to over 100 partners across financial and non-financial sectors.

  • TPBank recorded 40% growth in new customers and 120% growth in transactions in 2021
  • Digital users increased by 38% and mobile banking users by 53.3% in 2021
  • Deployed RPA to digitise and automate processes for products and services

Singapore, 24 March 2022 — TPBank was recognised for Best Digital Banking and Customer Ecosystem Initiative in Vietnam at The Asian Banker Vietnam Awards 2022.

This year’s finalists for Best Digital Banking and Customer Ecosystem Initiative are TPBank, TNEX, and UBank. TPBank scored higher in Innovation, Ecosystem Infrastructure, and Scale and Business Impact.

Ecosystem: TPBank recorded 40% growth in new customers and 120% growth in transactions in 2021

TPBank’s eBank ecosystem platform provides more than 20 services from over 100 partners across financial and non-financial sectors. Payment intermediaries’ partners include international companies and the biggest payment/e-wallets in Vietnam. The success of TPBank retail banking ecosystem translates into remarkable growth over the year: 40% growth in new customers acquired via digital channels, 120% growth in transactions volume on digital channels. Further, TPBank’s existing ecosystem contributes 40% of overall retail banking revenue and 50% new-to-bank customer acquisition. Furthermore, there are 50 active third party application programming interfaces deployed for connecting partners in the retail banking business.

TPBank is among the first banks in Vietnam to implement highly secured electronic know-your-customer (eKYC) on its internet banking channel for quick and instant registration, smart automatic switchboard for instant 24/7 funds transfer, artificial intelligence (AI) chatbot for 24/7 customer support, and a wide-spread network of self-service kiosks.

TNEX developed a merchant ecosystem. Street vendors can open an account and accept all types of digital payments from the application. They can manage their inventory, create marketing campaigns, and track sales.

On the other hand, Ubank partnered with Basiq to take advantage of its machine learning capabilities, giving Ubank access to advanced insights across 40 categories of spending.

Scale and Business Impact: Digital users increased by 38% and mobile banking users by 53.3% in 2021

TPBank’s digital users increased by around 38% in 2021, growing from 2.1 million in 2020 to 2.9 million in 2021. TPBank’s mobile banking users increased by around 53.3% in 2021, growing from 1.5 million in 2020 to 2.3 million in 2021. The definition of an active digital user in TPBank is one who has at least one financial transaction on the digital channel occurred in the last month (MAU). In 2021, the portion of TPBank’s mobile registered user base which is mobile active reached 85%.

On the other hand, Ubank has about 100,000 users at the end of 2021, although it intends to increase to more than five million by 2025. The number of registered digital users for TNEX reached 500,000 in 2021.

Innovation: Deployed RPA to digitise and automate processes for products and services

TPBank accelerated its back-end digitalisation and automation. It takes advantage of robotic process automation (RPA) applications with a go-live speed of five bots per week. RPA was deployed to digitise and automate services/products processes, focusing on directing customers to a digital-first service model that minimises interactions at physical touch points. Since the implementation in July 2020, there have been 300 active bots. TPBank is currently implementing intelligent RPA (combined with AI) and true cognitive RPA (with real virtual employees in the office). 

The number of digital channel users accounts for more than 80% of the total retail banking customer base. The number of transactions in the first half of 2021 was three times higher than in the same period of 2020. The number of open systems that have been moved to the private cloud increased by 10%; from 80% in December 2020 to 90% in December 2021.The number of open systems that have been moved to the public cloud increased by 5%; from 5% in December 2020 to 10% in December 2021.

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that 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/. To view the respective evaluation criteria, click here: https://awards.asianbankerforums.com/vietnam-awards/criteria

 

For further information, you may get in touch with:

Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

mkazmi@theasianbanker.com

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