Vietcombank was awarded Best Retail Bank, Best Credit Card Product and Best Mobile Banking App at The Asian Banker Vietnam Awards 2020
- Vietcombank led its peers in the retail banking sector due to its strong profitability
- The bank’s Vietcombank Visa Signature card stood out in Vietnam’s competitive credit card market
- The bank was able to expand its customer traction beyond its physical footprint through its VCB-Mobile B@nking app
Hanoi, 9 April 2020 – Vietcombank received Best Retail Bank, Best Credit Card Product and Best Mobile Banking App at The Asian Banker Vietnam Awards 2020.
Vietcombank led its peers in the retail banking sector due to its strong profitability
Vietcombank achieved a solid financial performance in 2019 as reflected by its double-digit growth in retail revenue. With greater focus on its retail customers, the bank was able to generate more revenue from this segment than other businesses. It was also able to generate sustainable revenue streams with a significant fee income contribution to its total retail revenue. By year end, the bank was able to improve its cost-to-income ratio and exhibit profitability through a higher return on equity compared to its peers.
The bank’s Vietcombank Visa Signature card stood out in Vietnam’s competitive credit card market
Vietcombank enjoyed another year of significant lending growth driven by its credit card business. In 2019, the bank introduced its Visa Signature card in line with the launch of its Vietcombank Priority Banking, which strengthened its engagement with priority customers. The bank enhanced the credit card product with innovative features, such as advanced contactless chip technology and 3D-Secure authentication solution (Visa Secure) for online payment transactions. It also allows cardholders to use the tap and go application in various global public transits. Given the notable results in both card issuance and spending, Vietcombank was able to secure its leading position in the credit card market.
The bank was able to expand its customer traction beyond its physical footprint through its VCB-Mobile B@nking app
Vietcombank was able to capture more retail customers in 2019, growing both accounts and deposits at double digit rates. At the branch level, the bank improved customer experience by adding net promoter score and the Mystery Shopper project as main key performance indicators at a bank-wide scale and in its e-banking channels. Its VCB-Mobile B@nking was also upgraded with two new interfaces customised for both affluent and mass customers. The bank extended the functionalities of its mobile banking app to 35 main services targeting a wide array of customer needs which boosted online transactions. Vietcombank now leads other banks in terms of peer-to-peer fund transactions with almost half of its retail base now digitally active.
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Visit The Asian Banker Vietnam Awards 2020 official page at Finance Vietnam 2020
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Region: Asia Pacific