Segmented sales strategy drives MSB's business.

MSB segments its customers based on a deep understanding of the unique needs of its target customer base, thereby offering a range of suitable solutions, from accounts and savings to credit cards, mortgage loans, and unsecured loans. The product range is easily accessible to users. When using one product, customers can connect with other products and services and receive many added values.

MSB's segmented sales strategy and business promotion (Figure 1)

Typically, individual customers, those with a salary base (SB), and business owners (BO) can conduct transactions entirely online, from opening an account to registering, issuing, and managing financial products such as payment cards, credit cards, or loans. With just one minute of operation on the MSB mBank app, customers can easily open a payment account package through the electronic customer identification feature and immediately enjoy many outstanding benefits such as unlimited free transfers, free cash withdrawals at the counter, and cashback up to VND 3.6 million/year… Also on the mobile banking platform, eligible customers can apply for credit cards and overdrafts online with pre-approved limits, without needing to provide income verification documents, and proceed with online disbursement. "It can be said that MSB mBank is a financial application that integrates the features of a 'personal financial assistant,' providing users with a useful tool and a comprehensive overview of their financial health," said an MSB representative.

Similarly, corporate customers can easily register for an M-smart account and enjoy a 100% fee waiver for online money transfers and many other fees, receive cashback up to VND 2 million/month, 0.5% interest on current account balances, and up to 150 points more than the listed exchange rate when buying and selling foreign currency online. In addition, customers have the opportunity to be granted comprehensive credit limits up to VND 200 billion with diverse options such as unsecured loans, secured loans, corporate credit cards, and letters of credit (LC). Depending on the type and scale of the business, MSB offers loan packages and policies tailored to the needs of enterprises. Disbursement is also done online, simplifying paperwork and making it easier and faster for businesses to access credit packages.

MSB's segmented sales strategy and business promotion (Figure 2)

Mr. Nguyen Hoang Linh – General Director of MSB shared: “ Currently, while providing a product and service package that perfectly meets customer needs is the way to approach and attract customers, delivering added value will determine the long-term connection with users. At MSB, we want customers to be able to increase their benefits from the simplest and most common transactions, or generate effective profits from their cash flow or account balance. To achieve this, a segmented sales strategy is key, as based on research, data, and experience, we can accurately assess priorities and easily adjust when necessary.”

MSB's segmented business strategy and enhanced digital customer experience have directly impacted its business results. In the first six months of the year, the rate of new individual customer acquisition through digital channels reached 79%, an increase of 22 percentage points compared to December 31, 2022. The number and total value of transactions on Internet Banking and Mobile Banking reached 47.5 million transactions and VND 578 trillion, respectively. The number of new individual and SME customers through eKYC increased by 311% and 43% compared to the same period in 2022. Overall, MSB currently serves over 4.5 million individual customers and nearly 72,000 corporate customers.

Customer loyalty and the choice of MSB as their primary transaction bank have also boosted the current account deposit to total deposit ratio (CASA). According to the latest business figures, MSB is among the top 4 banks with the highest CASA ratio in the market. The bank aims to further increase the current account deposit to total deposit ratio from now until the end of the year, continuing to be among the industry leaders.

Serving customers by segment is clear evidence of the correctness of the "customer-centric" strategy that MSB has pursued for many years. In the future, through research on consumer preferences and real-time user feedback, MSB will continue to design and launch a series of specialized solutions, thereby accompanying customers to "reach new heights" in all financial transactions.

Comment (0)