Speed up the digital bank race

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For OCB OMNI bank, customers can perform many services such as opening accounts, opening cards, borrowing online via Robo-lending, buying insurance and investing without going to the counter.

Booming digital bank

According to the State Bank, 94% of Vietnamese banks are in the early stages of developing or building a digital transformation strategy. In particular, 78 banks deploy Internet payment services and 41 units allow users to pay via mobile phones - statistics of the Payment Department. Experts assess that the digital banking market in Vietnam has a lot of potential. Currently, many banks are promoting the development of digital ecosystem with superior technology.

Being one of the first banks to implement digital transformation strategy, since 2017 OCB has built and developed the Integrated Channel Banking platform, thereby, successfully deploying the OMNI channel bank in 2018 and becoming the first integrated channel bank in Vietnam, serving the needs of customers on all transaction channels. Following these results, OCB has recently introduced to customers the Bank No. OCB OMNI and OMNI Pay Ecosystem. Developed on the most modern banking platform in the world, OCB OMNI bank offers a completely online service so customers do not need to come to the counter to: Open an online account, open online card, online loan via Robo-lending, buying online insurance, online investment...

Mr. Du Xuan Vu, Head of Technology Division, OCB Bank, said OCB Bank No. OMNI is built on 3 technology platforms: Integration and digitalization of internal processes; Omni-Channel Platform OCP (Omni-Channel Platform) and Analyticsplatform. In particular, the process of integrating and digitizing the process helps OCB organize internal operations, from the organization of operation, transaction processing to the optimal development of products and services. OCP integrated banking platform helps provide banking and financial services products across all channels in a consistent, seamless way. Finally, the analytics platform helps OCB have a comprehensive picture of its customers to provide products and services tailored to the needs of each customer.

"If personalization of products and services is an important capacity of many credit institutions in recent years, then in recent times, the speed of differentiation of banking and financial products is strong. The forces that create the ultimate competitive power, the integrated banking platform together with the advanced analytical platform help OCB build and develop this capacity "- Mr. Du Xuan Vu said.

A Binh Commercial Joint Stock Bank (ABBank) is applying many new technologies to meet customers' needs. In particular, technology recognition (Facial Pay) and Big Data are two areas that this bank aims to build a technological ecosystem. ABBank's goal is to advance in the digital banking race in Vietnam. According to the leader of ABBank, the unit is surveying many technologies that can be applied as an integrated platform (Omni-channel), artificial intelligence, machine learning and big data to understand customers and personalize their needs. ABBank aims to digitize products and processes to provide services to customers to create the most convenient way and also to improve operational efficiency and risk management of the bank.

Similarly, Vietcombank cooperated with PwC Vietnam Consulting Company to implement the Digital Banking Transformation

SHB's 2019 AGM also identified a digital banking development strategy to minimize operating costs and improve labor productivity.SHB will focus on fully exploiting its potential strengths and differences from the scale of existing large enterprise customers system and the ecosystem of large enterprise customers. In order to realize this goal, from 2018, SHB has started to launch projects in different areas: Customer-oriented, big data, digital, process optimization, technology infrastructure, and governance model.

Mutually beneficial

The increasing number of banks deploying digital banking has created a fierce and attractive competition among them to provide products and applications with outstanding features for users.

Experts assess that the implementation of digital banking will bring great benefits to both banks and customers through cost reduction, increasing convenience and expanding service network. Specifically, operating a digital bank is much less expensive than the traditional model. Therefore, at OCB OMNI, customers are entitled to full free service. Mr. Dong Quang Thang, Director of Digital Bank OCB further explained, from an economic perspective, the fees for transferring customers pay costs an average of nearly 1 million dong a year, so using OCB OMNI is completely free. Transactions and transfers are huge benefits for customers. In addition to the completely unique online feature, OCB OMNI Bank also allows access to QR Pay customers in OMNI PAY ecosystem and affiliates, 24/7 free money transfer that only takes 8 seconds to transfer money to recipients account, perform thousands of transactions at the same time with just one OTP, schedule automatic payment of electricity - water bills - Internet ..., pay tuition quickly with single information, activities now enjoy full promotion from the network...

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In addition, according to bank leaders, the trend of payment services is booming in Vietnam, there aremore than 1.4 million retail outlets and most still use cash in payment. Therefore, the digital banking model will help universalize banking services to larger areas. This is also consistent with the Government's goal of universalizing financial services, repelling black credit...