Retail helps banks grow profits strongly

Thanks to efforts in implementing retail strategies, many banks have achieved positive business results with positive growth.

Highly effective retail banking strategy

Looking back at the business picture in 2024, the banking system recorded impressive profit growth. In which, the retail segment continued to play a key role, contributing significantly to the banks' revenue.

With the characteristic of serving many customer groups, from individuals to small businesses, the retail segment not only creates a stable cash flow but also helps the bank expand its customer base and increase profit margins.

In particular, the banking system is actively promoting digital transformation and developing digital products. This is a factor that strongly promotes the development of the retail sector as well as increases profits in the future.

Thanks to efforts in implementing retail strategies, many banks have recorded positive business growth results.

According to a report from Vietcombank Securities (VCBS), the ratio of retail credit to total outstanding loans of the entire industry is forecast to grow by 10%, reaching 44% by the end of 2024, reflecting the effectiveness of banks' retail strategies.

Among banks, VIB and ACB stood out with outstanding retail credit growth, reaching 80% and 65% respectively. State-owned banks such as Vietcombank, BIDV and VietinBank maintained stable growth rates of 40% to 47%.

BVBank, a bank with quite positive profit results in 2024, has achieved stability thanks to its retail development strategy. In 2024, BVBank launched personalized credit products such as consumer loans, business loans and digital products, and deployed personalized card products. In addition, the bank also applied a preferential loan interest rate program with a reduction of up to 2% according to the State Bank's policy.

Digitalization is the catalyst

Many years ago, major banks began to expand their retail market share by launching modern branches, upgrading technology both online and offline, promoting digital products/services and applying intelligent virtual assistants. One common point that can be seen in these activities is digital transformation, a key strategy of the banking system.

Techcombank , one of the prominent banks in the digitalization process, has invested hundreds of millions of USD in a 5-year digitalization strategy, affirming its position as a leading modern retail bank in the region.

This is a clear demonstration of the excitement of the retail race in the banking industry, not only for large banks but also for medium and small banks, all of which are pouring into the potential market, competing for market share.

Digitalization is the catalyst that has helped retail grow strongly in recent times.

For example, BVBank is currently investing heavily in digital technology to provide advanced solutions that meet the growing needs of customers. Recently, BVBank pioneered the implementation of cross-border payment services via QR in Thailand, Laos and Cambodia, expanding its scope of serving the international market.

BVBank's digital product portfolio has also become more diverse, allowing customers to easily open online accounts via EKYC, register for credit cards online, pay bills, update personal information, open savings books on digital channels...

The bank also owns breakthrough applications such as Digimi (digital banking for individuals), Digibiz (digital financial platform for businesses), and DigiStore (financial management solution for sellers and small traders).

Source: https://baodaknong.vn/ban-le-giup-ngan-hang-tang-truong-loi-nhuan-manh-me-241839.html