Banks accelerate digital transformation, retail development

VCN - In addition to promoting investment in technology to digitize services, many banks are also trying to find their own way to create an advantage in the increasingly fierce competition of retail banking services.
Approving Customs Development Strategy to 2030 Approving Customs Development Strategy to 2030
Smart Customs Model in Customs Digital Transformation Plan Smart Customs Model in Customs Digital Transformation Plan
Customs digital transformation to achieve goal of digitalizing 100% of customs documents Customs digital transformation to achieve goal of digitalizing 100% of customs documents
Digital transformation continues to be the central orientation of banks to increase competitiveness in the retail banking sector.
Digital transformation continues to be the central orientation of banks to increase competitiveness in the retail banking sector.

Compete with digital tools

Nguyen Dinh Tung, General Director of OCB, said that OCB digital bank has not made many impressions in the past, but in the near future, there will certainly be many positive changes, because OCB has made a very methodical investment in digital banking.

“In the digital environment, OCB can achieve a stronger level of development than before. The year 2021 has proven that if we go in the right direction and stay close to the needs of our customers, we will record very high achievements,” said Tung.

In 2022, OCB will continue to build and upgrade its digital banking center. In addition, the bank is also linking with leading European fintech companies, and is expected to launch a credit card product combined with a mobile application in the next three months, the first time such a product has appeared on the market. Tung also believes that even though it has just been formed, in the long term, digital banking will be OCB's competitive point.

At the recent Annual General Meeting of Shareholders (AGM) 2022, many banks also continued to invest heavily in technology to make a strong step forward in digital transformation.

Specifically, Nam A Bank will focus on consolidating operations, making strong strides in digital transformation with the goal of governance and operation on a digital platform, and creating differentiated products and services that bring the best customer experience and keep profitable growth.

Nam A Bank will continue to perfect the digital banking ecosystem: Robot OPBA, Open Banking and ONEBANK, meeting the transaction needs of customers anytime, anywhere.

HDBank also promotes digital transformation in all areas of operation to prepare for the strong integration of the bank in the digital era; transform the multi-channel business into an online platform with the booming retail segment with the strategy of 1 million new credit cards issued and 1 million new individual customers to complete basic customer journeys of the digital transformation strategy.

Sacombank also sets high expectations in the next five years (2022-2026) with the goal of becoming a leading retail bank along with comprehensive digital transformation through many technology solutions across all key activities.

Ms. Nguyen Phuong Huyen, Deputy Director of Personal Division, and Director of Individual Customers – Sacombank, considers technology to be the decisive factor in the retail banking race, especially when the impact of the Covid-19 pandemic has changed the living habits and consumption behavior of the majority of consumers.

With the goal of comprehensive digital transformation and becoming a leading retail bank in the 2022-2026 period, Sacombank is creating its own distinct competitive advantage by combining the following factors: vision and awareness - flexible working methods - technology.

“The digital transformation process at Sacombank has taken place early, the bank now has a team of experts and experienced personnel, with deep knowledge of technology, this team will maximize its leading role, in order to coordinate, inspire and promote other business units to integrate into digital thinking, from administration to operations. It can be said that in this race, we are optimistic and confident because the recent results have also proven these directions," said Phuong Huyen.

Find your own path

Currently, retail banking is a trend and a driving force to accelerate and transform for banks. The fact that most banks are doing the same conversion makes competitive pressure on retail banking increase. In addition to capturing advantages from digital tools, banks also clearly define target customers and separate directions to create competitive advantages for themselves.

According to Phuong Huyen, in order to connect customers and best serve customers' needs from the first point of contact, Sacombank prioritizes two main issues: providing seamless transactions and many non-cash utilities. Among many products and services that Sacombank is providing, Ms. Phuong Huyen assessed that Sacombank Pay application will bring customers the fastest and most optimal experience.

Phuong Huyen also revealed that Sacombank is on a journey of "reverse aging" with retail as the goal and technology as the key to better serve young customers, belonging to Gen Z. Young customers are the factors that help connect technology as well as technological products and services to other generations.

“Last year, despite the pandemic, the number of digital customers of Sacombank still increased sharply, reaching more than 2.5 million users on Sacombank Pay and more than 3 million new customers on internet banking and mobile banking channels," Phuong Huyen said.

OCB has also identified its target customer as the middle-income class. Mr. Nguyen Dinh Tung said this market does not bring much initial profit and takes a lot of effort to develop customers, because a loan from an average-income customer is only VND1-2 billion, so it takes a lot of loans to equal a rich person borrowing a few tens of billions of dong at a time, the amount of CASA (term deposit) of these customers in the bank is also very small.

But OCB believes that this will be a customer segment with high growth and will increasingly dominate, becoming an important segment in the banking system. However, up to now, no bank has paid enough attention to this customer segment, most banks are interested in the well-to-do middle-class customer segment and provide products for that segment.

Nguyen Dinh Tung also said that OCB now has the first product on the market for this segment, Dreamhome, and has brought relatively good results with an increase of about VND1,000 billion in outstanding loans per month.

By Nguyen Hien/ Huu Tuc

Related News

Policy adaptation and acceleration of digital transformation in tax and customs management

Policy adaptation and acceleration of digital transformation in tax and customs management

VCN - In order to contribute to economic growth, tax, customs and logistics management policies need to ensure high adaptability, stability and predictability so that they require little amendment or supplementation.
What do businesses need for digital transformation?

What do businesses need for digital transformation?

VCN - According to experts, to support businesses in successful digital transformation, the state needs to complete the policy framework and testing mechanism (sandbox) for the development of digital economy, green economy, circular economy and new business models. At the same time, reform institutions to attract investment in digital technology in the direction of maximizing convenience for capital contribution, share purchase, merger and acquisition of digital technology enterprises. Create a favorable environment to promote digital transformation and support business development.
Reducing logistics costs: A solution for competitiveness and attracting import-export goods

Reducing logistics costs: A solution for competitiveness and attracting import-export goods

VCN - With high costs, a lack of large-scale logistics centers, and fragmented infrastructure, the logistics industry still faces many challenges on its path to becoming a backbone of the economy.
Ha Nam Ninh Customs embraces digital transformation in administrative procedures

Ha Nam Ninh Customs embraces digital transformation in administrative procedures

VCN - In a move to align with the General Department of Vietnam Customs' digitization strategy, Ha Nam Ninh Customs has taken significant strides to convert records and administrative processes from paper to digital format across all operational areas.

Latest News

VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

VCN - By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.

More News

Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Shrimp exports surge in 10 months, generating 3.2 billion USD

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

VCN - The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Why seafood exports to some Middle Eastern Countries are stalled

Why seafood exports to some Middle Eastern Countries are stalled

VCN - Several shipments of seafood exported to certain Middle Eastern countries have been delayed due to legal challenges related to consular legalization procedures. This has created significant bottlenecks in accessing these markets.
Storm No. 3 destroys profits of many insurance companies

Storm No. 3 destroys profits of many insurance companies

VCN - Due to the impact of storm No. 3, the business results of the third quarter and the first 9 months of 2024 of the insurance sector have been significantly affected. This requires more efforts from businesses for the results of the whole year 2024.
Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Cooperation in the Halal industry can help Vietnamese products reach nearly 2 billion Muslim consumers worldwide, representing over 24% of the global population, according to Malaysia’s Minister of Investment, Trade, and Industry Zafrul Abdul Aziz.
Tra fish sector aiming for production, processing greening for sustainable development

Tra fish sector aiming for production, processing greening for sustainable development

Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.
Read More

Your care

Latest Most read
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - Mr. Nguyen Hoai Nam, Deputy General Secretary, Vietnam Association of Seafood Exporters and Producers (VASEP), said that the advantage that UKVFTA brings is that the main products of the seafood industry enjoy 0% import tax to the UK, especially key
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN - E-commerce platforms have emerged as crucial distribution channels, enabling goods to reach consumers quickly and conveniently.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Mobile Version