VietinBank’s iPay saw 140% growth in transaction value
VietinBank's iPay leveraged digital solutions for a more personalised customer experience that led to increase in clients by 50% while transaction value processed via iPay rose by 140%.
- VietinBank managed to grow its customer base and the transaction value processed via iPay by 140% YoY
- VietinBank’s Smart contributed to 30% of newly collected retail deposits
- The bank tailored extensive functions for its mobile platform
Singapore, 3 June 2021 – VietinBank’s iPay was recognised as the Best Mobile Banking Service in Vietnam at The Asian Banker International Excellence in Retail Financial Services Awards 2021.
VietinBank bolstered its financial performance with its intuitive digital solutions
This year’s finalists for Best Mobile Banking Service were VietinBank’s iPay, Techcombank F@st Mobile, MBBank App, Vietcombank-VCB Digibank, and BIDV Smart Banking. VietinBank has tailored its digital solutions for a more personalised customer experience that helped boost its financial performance.
Sales: VietinBank’s iPay boosted transaction value with a 140% increase YoY
VietinBank’s iPay contributed to building a cashless society and provided support amid pandemic. VietinBank’s iPay has achieved encouraging results as shown by the increase in number of customers by 50%, 120% growth in transactions while transaction value processed through iPay channel rose by 140% year-on-year (YoY).
In addition, iPay’s non-life insurance sales grew twice as high as the sales of the popular e- wallet in Vietnam called MoMo, which has 10 times more customers. iPay also offers bond sales in which 30% of the sales were transacted via iPay.
Meanwhile, electronic know your customer (eKYC) deposit account sales for BIDV and Vietcombank are not yet 100% digital compared to VietinBank. VietinBank has a strong digital customer engagement with 75% monthly mobile banking active users.
Digital and Innovation: VietinBank’s Smart contributed to 30% of newly collected retail deposits
VietinBank introduced eKYC for its two-tiered mobile banking account packages, namely Smart and Plus in November.
Smart helped boost the bank’s new customer acquisition, posting more than 200,000 in new accounts within two months after its release. It is estimated to end the year with 1.7 million new accounts. The accounts contributed to 30% of newly collected retail deposits to date. The bank has one of the biggest market shares in retail deposits with 10%.
MBBank was the first bank to introduce a true 100% digital eKYC onboarding process. Early this year, Vietcombank launched a tier account opening package.
Services offered: VietinBank tailored extensive functions for its mobile platform
VietinBank offers extensive functions such as notification of customers on upcoming bill payments, best offers based on purchase, or application for next branch visit via mobile phone. It enables customers to withdraw money through quick response (QR) code scanning at the ATM.
Meanwhile, Techcombank provides only lock and unlock of cards and saving programmes while BIDV introduced an e-forex service where customers can trade up to 15 currencies. BIDV also has chatbot capabilities on its mobile platform.
Dam Hong Tien, director of retail banking at VietinBank, shared, “This award is a worthy recognition of our efforts in digital transformation, especially in the enhancement of our digital banking application ‘VietinBank iPay Mobile’ to better address customers’ needs. Diversified features, utilities, modern and user-friendly platform on an optimal security foundation are our guidelines when developing VietinBank iPay Mobile”.
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/
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