Banking sector embraces digital transformation to improve customer experience

Faced with complicated developments of the COVID-19 outbreak in recent times, banks in Ho Chi Minh City and elsewhere in the country are strictly complying with social distancing regulations while also ensuring their systems operate smoothly and efficiently and fully meet the needs of individual and corporate customers.

Banking sector embraces digital transformation to improve customer experience hinh anh 1

Accelerating digital transformation has helped HDBank ensure the efficient operation of its internal systems and business activities, meet customers’ needs amid the social distancing and ‘new normal’ and improve customer experience. (Photo courtesy of the bank)

Faced with complicated developments of the COVID-19 outbreak in recent times, banks in Ho Chi Minh City and elsewhere in the country are strictly complying with social distancing regulations while also ensuring their systems operate smoothly and efficiently and fully meet the needs of inpidual and corporate customers.

The recent social distancing period was also a time when HDBank speeded up transformation of its operations.

So, despite reducing the number of employees working directly at the office and counter in accordance with the regulations on social distancing and epidemic prevention, the bank saw an increase in labour productivity and a reduction in costs while ensuring service quality and managing to serve customers in the best way.

This was thanks to the bank's modern technology platform.

HDBank has embraced digital transformation in all aspects like transaction processes, operations, human resources, and evaluation since 2020, and now seeks to make the digitisation faster and more comprehensive.

HDBank has managed to speed up comprehensive digitisation through key projects such as digitising the customer journey to bring new and convenient experiences in opening a payment account and savings book online and offering loans online against deposits, digitising the online customer journey with pioneering technologies such as electronic know your customer (eKYC), advanced eKYC and integrated authentication via video call, digitising the internal communication system, big data collection and analysis, and virtual assistant switchboard.

The use of robotic process automation technology with robot assistants has helped the bank reduce manual tasks by more than 80 percent and increase processing speed 30 times (from three minutes to only five seconds for a transaction) with an error rate of almost zero.

According to the bank’s statistics, in the five months since the account opening process at the counter was digitised, the number of customers registering for e-banking rose to 67 percent from the earlier 50 percent.

HDBank’s digital applications and automation of products and services have helped improve the efficiency of transactions and meet customers’ needs amid the social distancing and ‘new normal’.

As a result, in the first six months of the year the number of e-banking transactions doubled from the same period last year with the transaction value tripling to nearly 60 trillion VND (2.6 billion USD).

To support businesses after the restrictions were lifted and gradually revive production and business, HDBank continues to deploy credit promotion services such as cash flow management, issuing UPAS L/Cs to promote import and export and rapid payment through eBanking with a comprehensive digital solution package.

It has also optimised services on digital platforms such as opening a business account online, 24/7 online lending (eCredit), issuing L/C online (eLC), and online international money transfer, all to support corporate customers with solutions and adapt to the new normal and digital society.

HDBank has also digitised the operating process through the use of robots for timekeeping for employees, handling requests from customers and automatic order approval.

In its internal operations too, HDBank has strongly digitised by applying Akabot, a comprehensive RPA platform that helps automate business processes involving a large number of repetitive tasks to increase productivity and improve cost savings; regularly organising online training, seminars and workshops; and enhancing communication on its internal communication channel, Workplace.

The iPaper system is applied to almost all internal processes/regulations, saving the time and cost needed for paperwork and being of particular help during the social distancing period.

Valuation, automatic and centralised accounting and document management are all optimised on the technology platform.

Customer-centric

Thanks to its accelerating digital transformation, HDBank has ensured the efficient operation of its internal systems and business activities and smooth operation of products and services on the digital platform, especially amid the pandemic-driven restrictions.

Tran Thu Huong, director of the bank’s operations pision, said: “To ensure smooth operations, the operations pision in collaboration with other pisions has made improvements in everything starting from the most minor of them.

“Thanks to that, we have created a new, scientific, systematic, and more comprehensive way of working, saving time in handling services provided to customers. With the goal of how to serve customers most effectively, we always strive to make today better than yesterday and tomorrow better than today.”

HDBank has efficiently implemented the Government’s policy on waiver and reduction of loan interest rates to support customers in a number of areas directly affected by COVID and where there has been prolonged social distancing, with more than 18,000 customers owing a total of nearly 42 trillion VND in outstanding balance benefiting.

The results have helped HDBank succeed in building a large loyal customer base.

Reforming operations and improving services on a digital basis is one of HDBank’s efforts to make a difference in serving customers, making them happy and successful, and helping them achieve financial security./.

Source: VNA
en.vietnamplus.vn

Related News

SBV drafts regulations on a testing mechanism for Fintech

SBV drafts regulations on a testing mechanism for Fintech

VCN - To prevent risks and promote new products, services, and business models, the State Bank of Vietnam (SBV) has developed a draft Government decree stipulating a controlled testing mechanism in the banking sector.
Mong Cai, Dongxing Customs share experience in management

Mong Cai, Dongxing Customs share experience in management

VCN - Mong Cai Customs (Vietnam) and Dongxing Customs (China) continue to work closely, establish a period exchange mechanism and maintain solutions to accelerate two-way trade turnover.
Nghe An Customs: 3 experiences in fighting against smuggling

Nghe An Customs: 3 experiences in fighting against smuggling

VCN - From the difficulties, limitations, shortcomings, and results achieved in the fight against smuggling and trade fraud in the period 2021-2023, Mr. Chu Quang Hai, Director of Nghe An Customs Department said, the unit has gained 3 experiences to make this work more effective in the future.
Increase defense for customer to block online fraud in the banking sector

Increase defense for customer to block online fraud in the banking sector

VCN - At the conference "Protecting bank accounts against the increasing risk of online fraud" organized by Tuoi Tre newspaper in collaboration with the State Bank on the morning of September 19, experts and management agencies gave many solutions. measures to prevent the risk of online fraud.

Latest News

Forum discusses support for women-owned firms ​to join supply chains

Forum discusses support for women-owned firms ​to join supply chains

A forum on supporting women-owned businesses to join supply chains through sustainable development tools took place in Hanoi on April 17.
Ensure savings and prevent losses in disbursement of public investment

Ensure savings and prevent losses in disbursement of public investment

VCN - The practice of thrift and combating waste in the management and use of public investment is one of key tasks in the program of thrift practice and waste combat in 2024 of the Ministry of Finance.
Implementing unprecedented fiscal policies to actively support people and businesses

Implementing unprecedented fiscal policies to actively support people and businesses

VCN - Implementing fiscal policies to support the economy, the Ministry of Finance has advised and offered many unprecedented solutions to reduce taxes, fees and charges, thereby supporting people and businesses to overcome difficulties, restore production and business. According to assessments, in 2024 fiscal policy will continue to be a positive highlight for the economy.
Foreign investors net sell in Vietnamese market, banking sector attracts interest

Foreign investors net sell in Vietnamese market, banking sector attracts interest

According to BSC, foreign investors sold a net total of VNĐ11.55 trillion across all three exchanges in the first three months of 2024, equivalent to 50.62 per cent of the total net selling value in 2023. The selling pressure came from active funds and ETFs, resulting in a continued net withdrawal state and exerting pressure on the market.

More News

Banks record positive business indicators in Q1 2024

Banks record positive business indicators in Q1 2024

According to experts, the prosperity of the banking industry in the period came from many supporting factors, including favourable policies to credit growth.
The finance sector focuses on perfecting institutions, ensuring financial discipline, and budgetary rigor

The finance sector focuses on perfecting institutions, ensuring financial discipline, and budgetary rigor

VCN- In the document sent to the Ministry of Planning and Investment (MPI) regarding the implementation of Resolution No. 01/NQ-CP in the field of state finance and budget in March 2024, the Ministry of Finance stated that it actively implemented projects to build and improve institutions, ensuring the balance of the state budget and stability in the financial market and prices.
IASB recommends Vietnam prepare infrastructure to apply IFRS

IASB recommends Vietnam prepare infrastructure to apply IFRS

VCN - Applying “International Financial Reporting Standards (IFRS) will help businesses improve the quality of financial reporting and enhance the quality of explanation, but there are still many difficulties in transformation.
Strong decentralization for ministries, branches and localities to manage and use electricity projects

Strong decentralization for ministries, branches and localities to manage and use electricity projects

VCN - Responding to petitions from voters in Lao Cai province related to problems in handing over public assets such as power grid projects to the electricity industry for management, the Ministry of Finance said that it has submitted to the Government to promulgate Decree No. 02. /2024/ND-CP on transferring power projects as public assets to Vietnam Electricity Group (EVN).
The Tax sector’s revenue collection reached 33% of current appropriation

The Tax sector’s revenue collection reached 33% of current appropriation

In the first quarter of the year, total revenue managed by Tax agency was estimated at VND490,196 billion, equal to 116.9% of the current appropriation in the first quarter, equivalent to 33% of the current appropriation, an increase of 10.9% over the same period in 2023
Savings interest rates begin rising amid slowing bank deposits

Savings interest rates begin rising amid slowing bank deposits

While some commercial banks continue lowering deposit interest rates, others are increasing the rates, particularly for term deposits of 12 months or longer.
Ministry of Finance conducts general verification of public assets

Ministry of Finance conducts general verification of public assets

VCN - The Ministry of Finance issued Decision No.798/QĐ-BTC on the plan for implementing Decision No.213/QĐ-TTg of the Prime Minister approving the scheme on general verification of public assets at agencies, organizations, and units as well as infrastructures that are invested and managed by the State.
Removing bottlenecks to develop the green bond market

Removing bottlenecks to develop the green bond market

VCN - Currently, there are still many bottlenecks for the development of the green finance market and green bonds. Therefore, solutions are needed to increase resources for businesses and the economy.
Improving legal framework, ensuring accessibility to green bonds

Improving legal framework, ensuring accessibility to green bonds

VCN - This is the recommendation of Mr. Nguyen Tung Anh (photo), Head of Credit Risk Research and Sustainable Financial Services (FiinRatings) in an interview with Customs Magazine reporters about green bond market development in Viet Nam.
Read More

Your care

Latest Most read
Forum discusses support for women-owned firms ​to join supply chains

Forum discusses support for women-owned firms ​to join supply chains

A forum on supporting women-owned businesses to join supply chains through sustainable development tools took place in Hanoi on April 17.
Ensure savings and prevent losses in disbursement of public investment

Ensure savings and prevent losses in disbursement of public investment

VCN - According to the Ministry of Finance's report, as of the end of March, the total unallocated investment is VND25,654.7 billion, accounting for 3.9% of the target assigned by the Prime Minister.
Implementing unprecedented fiscal policies to actively support people and businesses

Implementing unprecedented fiscal policies to actively support people and businesses

VCN - Implementing fiscal policies to support the economy, the Ministry of Finance has advised and offered many unprecedented solutions to reduce taxes, fees and charges, thereby supporting people and businesses to overcome difficulties, restore productio
Foreign investors net sell in Vietnamese market, banking sector attracts interest

Foreign investors net sell in Vietnamese market, banking sector attracts interest

According to BSC, foreign investors sold a net total of VNĐ11.55 trillion across all three exchanges in the first three months of 2024, equivalent to 50.62 per cent of the total net selling value in 2023. The selling pressure came from active funds and ETFs, resulting in a continued net withdrawal state and exerting pressure on the market.
Banks record positive business indicators in Q1 2024

Banks record positive business indicators in Q1 2024

According to experts, the prosperity of the banking industry in the period came from many supporting factors, including favourable policies to credit growth.
Mobile Version