On the evening of November 26th, the Vietnam Outstanding Banking Awards 2020 was held in Ho Chi Minh City by the Vietnam Banks Association and International Data Group Vietnam (IDG Vietnam).
This annual award aims to seek and honor excellent and innovative products and services of banks and fintech companies of the year. Thereby, the creativity and ability to effectively manage and operate banking products and services of Vietnamese people are appreciated.
According to Mr. Nguyen Toan Thang, General Secretary of the Vietnam Banking Association and Chairman of the Award Voting Council, in each year, a set of criteria for each category of awards is set out based on the development of the banking industry in Vietnam to ensure practicality.
After receiving the registration documents from the nominees, the Voting Council examines the documents thoroughly before voting. This year, the Voting Council has decided to establish the award structure with 7 categories for banks and 1 category for fintech companies.
Notably, 2020 is the first year the "Outstanding digital banking transformation bank" category has been introduced to honor banks with impressive digitizing solutions in accordance with the development of the banking industry during the year.
The COVID-19 pandemic has led to a clear development trend in retail banks. Banks are focusing on developing the retail segment based on digital technology application, along with promoting digital transformation, meeting the needs and experiences of customers, enhancing personalization, and diversifying customers' choices.
E-banking products and services have been increasingly developing with many new, convenient, fast, and user-friendly utilities for customers.
The top five Vietnamese banks honored the “Outstanding digital banking transformation bank award in 2020” were Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the Bank for Investment and Development of Vietnam (BIDV), Tien Phong Commercial Joint Stock Bank (TPBank), Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank), and Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
In early 2020, Vietcombank has completed the transformation of the core banking system and upgraded the server system to prepare for the digital transformation process of the whole bank.
As of October 31st, 2020, the number of subscribers using digital services of Vietcombank reached more than 4.5 million, including only customers using Online Banking - VCB Digibank. The ratio of digital service transactions to the total number of transactions is over 95%.
In 2020, BIDV has standardized banking operations based on technology and developed digital banking to promote non-cash payments. The bank has continued to expand service coverage to other customers who have not had access to traditional banking services.
The number of people registering digital banking services reached 6.5 million, increased by 1.6 times compared to 2018. The number of digital transactions reached 108 million, increased by 1.35 times compared to 2018, accounting for 50% of the total number of transactions.
TPBank is the first Vietnamese bank to officially deploy money transfer via blockchain and deploy artificial intelligence with a chatbot for supporting 24/7 customer support interaction.
Currently, more than two-thirds of TPBank's transactions are electronic transactions. The costs are saved about 30 times compared to traditional transactions and the rate of electronic transactions continuously increases. The number of digital service transactions reached 13 million, up 1.5 times compared to 2018, accounting for 83% of the total transactions.
Sacombank's multi-channel E-Banking service has provided more than 80% of the banking products and services with diverse authentication methods.
The number of customers registering digital banking services reached 2.2 million, an increase of 1.59 times compared to 2018. The number of digital transactions increased by 1.8 times compared to 2018, accounting for 46.2% of total transactions.
VPBank has pioneered in partnering with fintech companies to expand the ecosystem on the Open Banking platform. All digital products and services of VPBank are managed and monitored by an automatic monitoring system, helping VPBank always control the error rate at the lowest level.
As of June 30th, 2020, the number of customers using VPBank's digital services reached 1.4 million, increased by 1.6 times compared to 2018. The number of digital transactions reached 44 million, accounting for 92% of total transactions.
Compiled by VietnamCredit