According to Mr. Huy, The Board of Management of Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) for many years has determined that the digital transformation is a must and focused on investing in resources to achieve this goal.
This is a great opportunity for LienVietPostBank to reach these customers; therefore, this bank has expanded its network in rural areas over the years. Combined with digital banking, LienVietPostBank will gain many advantages to becoming the leading retail bank in Vietnam.
In 2016, LietVietPostBank launched the non-physical card product, Vi Viet - a primitive digital banking app. In addition to the full features of a mobile banking app, Vi Viet functioned as an e-wallet. It supported residents especially in rural and remote areas to easily access traditional banking products and services without the need for going to the bank.
However, after 3 years of developing Vi Viet, the bank realized the need for integrating LienVietPostBank's online banking products and services on one cross-channel platform, helping customers to easily manage their account information and card. LienViet24h was launched to integrate mobile/ internet banking services, Vi Viet, and all other card-related services.
LienViet24h is regarded as the next step of Vi Viet. It does not go against but inherits all the features of Vi Viet and has further updates to bring customers a better, more friendly experience.
There are three most prominent advantages of LienViet24h. Firstly, the eKYC has been integrated for online authentication and identification. Customers can open their banking account anytime, anywhere without the need for visiting a branch.
Secondly, the Omni-Channel model has allowed customers to experience an integrated service, improved efficiency of customer care as well as marketing strategies for the bank.
Thirdly, customers' experience of the banking service has been personalized. Customers can freely design the app interface by themselves. Also, the app has a feature that provides suggestions to customers per their demands, interests, and habits. In general, the app is easy to use and suitable for all customer targets.
LienViet24h has also prioritized security by setting multiple security layers, helping customers feel more secure when using the app.
According to Mr. Huy, for Vietnamese people at present, only an online application is not enough to build trust in customers. Therefore, the bank plans to combine online and offline methods. Both the network of physical transaction points and the online transaction system need to be developed simultaneously.
The LienViet24h digital banking model is considered the most suitable for the Vietnamese market today. It supports the majority of Vietnamese people (mainly in rural and remote areas) currently having no banking accounts to access formal financial services while improving the experience of customers who already have accounts. LienVietPostBank aims to expand its transaction network to more remote districts and regions and develop the financial situation comprehensively in Vietnam.
Until now, LienVietPostBank has 556 branches covering 63/63 cities and provinces nationwide, becoming the joint-stock commercial bank with the largest network in Vietnam.
The combination of the nationwide network and digital bank will help LienVietPostBank to have sustainable development and contribute to business achievements, including increasing the number of customers and sales from service fees. This will enhance the position and prestige of the bank on the market.
In the next 3 - 5 years, LienVietPostBank aims to continue to gradually digitalize professional operations, including the digitization of implementation procedures, along with training personnel to meet the digitalization requirements. The bank plans of having 600,000 more customers registered accounts on LienViet24h. The goal of 2025 is approximately 5 million customers using LienViet24h.
Compiled by VietnamCredit
