TPBank achieves highest digitally active customer base at 65%, while increasing its productivity through process automation 2021
- TPBank invested in innovative and strategic digital solutions which led to significant growth in its customer base
- The bank collaborates with over 30 payment partners through an open banking platform
- The bank reduced processing time by 80% through automation
08 April 2021, Hanoi – TPBank was recognised for Best Digital Bank and Best Process Automation Implementation in Vietnam at the Vietnam Awards 2021 presented by The Asian Banker.
TPBank invested in innovative and strategic digital solutions to grow its customer base
The bank showed significant progress in its digital banking journey in 2020. It has invested in innovative and strategic digital solutions such as transitioning its systems into an omni-channel digital platform that enabled agility and future scalability. It is one of the first banks to apply electronic know your customer (eKYC) for deposit account opening and a virtual debit card. Most banks in Vietnam have increased their digital customer base in 2020. TPBank doubled its digital customer base year-on-year (YoY) and achieved the highest digitally active customer base ratio among its peers at 65%. It was followed by BIDV which grew by more than 50%.
The bank collaborates with over 30 payment partners through an open banking platform
Vietnamese banks have built extensive payment ecosystems with local e-wallets and have forged partnerships with e-commerce players. Specifically, TP Bank continues to foster collaboration through open banking that provided a platform for its fintech partners. The bank joined the Ripple payments network that allowed money transfer via blockchain and continued to expand its payments ecosystem with more than 30 partners connected via an open application programming interface (API). The bank is also striving to become a data-driven organisation through projects in areas of data collection, standardisation and enrichment.
The bank reduced processing time by 80% through automation
TPBank implemented a value-driven process automation project that increased its efficiency and productivity. The bank replaced repetitive tasks manually performed by its staff such as data entry and analysis with a virtual workforce. The bank leveraged robotic process automation successfully with the help of its tech partner and increased accuracy in its daily tasks while reducing time processes and costs by 80% and 40%, respectively.
Tong Van Tien, director of digital innovation at TPBank, shared, “I'm very happy and honoured to be here to receive this award on behalf of TPBank. This recognition is for TP bankers and also to our partner FPT software. For this year we are successful in terms of process automation. We believe this award will encourage and inspire us to do much better in the coming year and bring us to the next level of the banking automation. Thank you very much”.
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