Vietcombank, or the Joint Stock Commercial Bank for Foreign Trade of Vietnam, is embracing digital in a big way.
Dao Minh Tuan, Deputy Chief Executive Officer at Vietcombank, noted that technology is already reshaping the banking industry and customer expectations in Vietnam. "The increasing rate of internet penetration in Vietnam, as well as a booming young population that seeks a convenient, accessible and efficient banking experience, means enhancing our digital capabilities is essential," he said.
So, Vietcombank is pinning its digital hopes on financial solutions provider Finastra. By automating its operations, the bank is looking to improve customer experience, increase loyalty, expand local market share and capture new digital-driven growth opportunities.
“These digital solutions from Finastra enable us to digitalize trade finance operations, as well as the management of client relationships, increasing the value of our services to a digital-savvy generation and unleashing new opportunities for revenue growth,” Dao said.
Finastra will use its Fusion Trade Innovation offering to automate and centralize Vietcombank’s trade finance. It will deploy the front-to-back solution along with Fusion Corporate Channels, enabling digital self-service via a corporate-centric online or mobile application.
Vietcombank's customers to gain a "360-degree view" of their transactions from a single point of access with the new digital deployment. It can help them to optimize working capital by automating administrative tasks and transaction inquiries.
Overall, Finastra claims that the new digital transformation effort will “fundamentally transform Vietcombank’s front-to-back operations.” It will simplify banking processes and make it more agile to market needs, allowing the bank to compete on service quality and customer satisfaction.
“As Vietnam becomes more integrated with the global economy, local banks are facing increasing competition from international banks that are rapidly expanding their businesses in the country. Our market-proven solutions will equip Vietcombank with world-class technologies and help them continue to put their customers and stakeholders at the heart of their business to lead in the competitive era of banking disruption,” Imad Abou Haidar, Managing Director, APAC at Finastra said.