Sunday, 26 May 2024

Vietcombank delivers seamless digital banking experience

5 min read

By Dandreb Salangsang

Vietcombank put emphasis on fast and reliable user experience with the launch of VCB Digibank. The mobile app grew its user base by 50% YoY with an increase transaction volume of 50%.

  • Vietcombank saw a digital active user base of almost 90%
  • Vietcombank also deployed new modern payment solutions
  • Incentives and reduction policy were implemented for better customer experience

Vietcombank implemented 107 digital transformation initiatives with two main goals - improving customer experiences and optimising internal processes.

The bank has navigated the post-pandemic era with its continuous development of its digital banking services along with its innovative initiatives. It also changed the way how its products and services supplied to customers as well as developed policies to encourage customers to use digital channels.

Vietcombank was voted as the Most Selected Bank in Vietnam in BankQuality Consumer Survey Report 2021. About 27% of the total sample size chose Vietcombank as their main bank, followed by Techcombank at 11% and BIDV at 10%.

Digital and Innovation: Vietcombank saw a digital active user base of almost 90%

Investment in technology projects has brought new stature to Vietcombank by helping accelerate transaction speed, payment efficiency, safety and security. It also improved customer experiences, and created a foundation for the long-term development of digital transformation.

The bank’s goal became possible by completely developing wide array of technology infrastructure projects such as core banking, payment hub, VCB Digibank, VCB Digibiz, Smart one time password (OTP) transaction authentication system, electronic know-your-customer (eKYC), and quick response (QR) code capabilities.

Vietcombank was able to merge different transaction platforms with the launch of VCB Digibank last July 2020. The bank offers online appointment booking service, online account opening powered by electronic know-your-customer (eKYC), online sale of insurance products and premiums payment, and loyalty program called VCB rewards.

VCB Digibank grew its mobile banking customers by 50% year-on-year (YoY) to almost eight million where the growth is higher than its closest peer, BIDV by half a margin. The digital platform also grew its transaction to almost 18 million, up by 50%. The bank also posted the highest digital active customers at 88% among its competitors such as TPBank and BIDV. The bank’s revenue from retail business saw a double-digit compound annual growth since 2019 which is higher compared to BIDV and TPBank by a wide margin.

 

Services Offered: Vietcombank deployed new modern payment solutions

Vietcombank put emphasis on promoting financial inclusions especially in the wake of pandemic with its various services offered. The bank completely waived transaction and service maintenance fees for customers using VCB Digibank. This action encouraged the customers to use digital channels and strictly complied with the government’s regulations of non-cash payment orientation.

In addition, Vietcombank also focused on researching, applying and deploying new modern payment solutions such as smart point of sale (POS), Soft POS, and contactless payments. The bank promoted QR code payment to merchants and expanded ecosystems of QR code payment acceptance units of banks and transaction centers that helped to strengthen the network of QR code payment acceptance for customers.

Customer Experience: Incentives and reduction policy were implemented for better customer experience

Vietcombank introduced several initiatives to reduce transaction costs to ease financial difficulties among its customers. Incentives and fee support programs are implemented synchronously on transaction channels at counters, automated teller machines (ATMs) as well as web and mobile applications. As a result, the number of transactions applied for exemption and reduction reached nearly 300 million with the amount of over $10 million (VND 230 billion).

Vietcombank also introduced program called, “open account online – super promotions” to encourage customers to open account online using eKYC. Customers can win lucky draw prizes like a saving book worth $43,500 (VND1 billion) and 100 savings books worth $220 (VND5 million) In addition, the first 10,000 customers who open accounts online each month will receive $4.35 (VND100,000) on their account. The total prize of the programme is up to $152,170 (VND3.5 billion). 

About The Asian Banker

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