"When the phone replaces the loan application booklet"

Over 230 file folders were handed over to the Management Boards of Savings and Loan Groups.
Flexible transactions, easy access to loans.

This change is clearly evident in the mobile phones of the heads of savings and loan groups, where transactions are becoming easier, more accurate, and more user-friendly for people in rural areas.

Group leaders of the Savings and Credit Groups check the loans, interest, and savings of borrowers through the Social Policy Bank's app on their phones.

Gone are the days when loan and savings group leaders had to painstakingly record each loan and savings amount by hand, or spend a lot of time calculating interest. Now, with just a smartphone, all the information is clearly displayed on the bank's app. Every transaction, from collecting money and checking outstanding balances to verifying transaction status, can be done quickly anytime, anywhere.

Ms. Bui Thi Khanh Huyen, head of the Savings and Credit Group in Nam Dam hamlet, Luong The Tran commune, recalls the days of manual record-keeping, when she often worried about making mistakes, undercalculating, or adding incorrectly, and having to start over. “Just one wrong line meant having to review everything. Sometimes, after finishing everything, we'd go to the bank, the total would be wrong, and we'd have to redo it all,” she recounted. But now it's different. The software calculates the interest automatically; all you need to do is enter the correct savings amount, and the application will automatically display the total, matching every penny with the group members. Collecting, depositing, and reconciling is now much more accurate and easier.

To facilitate transactions for residents after the merger, the Social Security Administration arranged for transactions to be conducted at the village cultural center for convenience.

This convenience isn't just for young people who are used to using phones. For Mr. Tran Van Ut, an elderly group leader, who was initially confused by the technology, he has now become proficient in using the app to manage his loan group thanks to guidance from the bank.

Mr. Tran Van Ut said: "The phone is now like a talking ledger; wherever I go, I can check the outstanding debt of each group member, knowing who has transacted and who hasn't. All questions from the people are answered quickly and clearly."

For banks, applying technology to transaction processes is not only a time-saving solution, but also a way to enhance transparency and professionalism.

With the Vietnam Social Policy Bank's app on their phones, Savings and Credit Group leaders can manage their accounts more conveniently and avoid errors.

According to Mr. Tran Phuong Nam, Director of the Cai Nuoc branch of the Vietnam Bank for Social Policies, previously, group leaders had to use sample statements and manually add up the entries, which easily led to errors. Now, with transactions conducted via the app, the system automatically compiles, calculates, and cross-checks the data, significantly shortening working time while ensuring absolute accuracy. To date, 100% of savings and loan groups in the area have conducted transactions through this application.

The bank always prioritizes the motto "understanding the people's needs and serving them wholeheartedly." The application of digital transformation will create more favorable conditions for the people as well as the heads of the Savings and Credit Groups. Therefore, the Vietnam Bank for Social Policies (VBSP) is constantly innovating and strongly promoting digital transformation.

The application of technology has not diminished the inherent closeness between banks and the people; on the contrary, it has made all transactions more transparent, faster, and more accessible. Each mobile phone has now become a powerful tool, helping people in remote areas easily access preferential credit policies.

Hong Phuong

Source: https://baocamau.vn/-khi-chiec-dien-thoai-thay-cuon-so-vay-von--a122595.html