MBBank increased its customer base by over 40% and became first-mover in introducing eKYC in Vietnam
- MBBank outpaced peers in expanding its customer base, driven by its new brand identity and digital capabilities
- The bank strengthened its mobile banking platform which resulted in 80% of transactions conducted digitally
- The bank is a pioneer in implementing eKYC among its peers
08 April 2021, Hanoi – MBBank was recognised for Most Improved Retail Bank and Best Customer Onboarding Initiative in Vietnam at the Vietnam Awards 2021 presented by The Asian Banker.
MBBank outpaced peers in expanding its customer base, driven by its new brand identity and digital capabilities
The bank has been undergoing a digital transformation journey to scale its business and strengthen its retail banking franchise. With a new brand identity and by introducing innovative products, the bank was able to increase its customer base by more than 40%. Although its market shares in retail loans and deposits of around 3.5% are smaller compared to other peers such as BIDV which has double-digit market shares, the bank has made significant progress in capturing a slice of the market especially in auto loans, credit cards, and wealth management. In 2020, the bank has the lowest cost-to-income ratio (CIR) attributing it to good revenue growth and effective cost management. Other banks reported a CIR of more than 40%, while MBBank achieved a CIR of just 16.7% in 2020.
The bank strengthened its mobile banking platform which resulted in 80% of transactions conducted digitally
The bank established an innovation lab to research new ideas or projects such as enhancements on its app to encourage its customers to conduct more contactless transactions. After a year with new App MBBank, the bank claims to rank second in the market in terms of mobile transactions with more than 500,000 active users. The bank increased its digital ecosystem to offer a wide range of services that included payments, financing, and savings. As a result, the bank increased its digital transactions with more than 80% of transactions conducted online in 2020.
The bank is a pioneer in implementing eKYC among its peers
MBBank was the first bank in Vietnam to introduce a true 100% digital electronic know your customer (eKYC) onboarding process including live selfie or biometric authentication. The bank applies the solution for account opening and for other products such as mortgage and auto loans. As a result, the bank saw a strong customer growth in 2020 with 50% of new customers onboarded digitally.
Le Xuan Vu, head of retail banking, MBBank, shared, “I would like to thank the organiser, all the partners, our team and all our staff who helped win this award and we always as team want to bring the most value to the customer. This is our main purpose. Thank you”.
For video of award presentation and winner’s acceptance speech, click here.
About The Asian Banker International
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. 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/
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Region: Asia Pacific