To date, 65% of VietinBank 's products and services are implemented entirely on digital channels, and 97% of customer transactions are conducted via electronic channels.
Building a modern, convenient, customer-oriented distribution channel
For individual customers, the VietinBank iPay Mobile application attracts more than 6.5 million users with nearly 60 million transactions made each month, growing 150% each year, thereby contributing to reducing the pressure of transactions at the counter. Accordingly, the number of transactions at the counter will decrease by more than 50% in 2022. VietinBank iPay Mobile is not only a digital banking application but also a digital ecosystem, connecting to more than 2,400 service providers, providing all the daily needs of customers.
In addition, the VietinBank eFAST digital banking platform for corporate customers is considered a “digital financial assistant” with more than 130 features. VietinBank eFAST provides all banking services currently available at the counter (except for cash-related services), from regular and essential banking services to specialized services “tailored” to the needs of each business.
For counter transactions, VietinBank has built an automatic queuing system integrated with biometrics and deployed it at 53 branches nationwide. To date, the bank has collected biometric data of more than 4 million customers. Synchronizing the biometric data warehouse used for both counter channels and electronic transaction channels has helped VietinBank gradually modernize transaction channels, increasing facepay utility (face payment) for customers.
VietinBank is also a pioneer in applying the open banking platform. To date, the number of transactions via the open banking channel has grown dramatically, accounting for 25% of the total number of transactions via VietinBank's distribution channels.
VietinBank representative introduces new technology products at the Banking Industry Digital Transformation Day event in 2023.
On the other hand, to provide customers with quick and convenient access to capital, VietinBank has launched online credit products including online overdraft and online credit card issuance. In addition, the bank also connects loans to serve the lives of drivers/owners of Grab partners.
“ From the appraisal stage, to the decision to lend, disburse, monitor the loan, automatically remind the debt and process the loan, everything is done online, helping to shorten the time, minimize operational risks, increase labor productivity for the bank, and bring customers the most convenience, ” the bank representative shared.
Powerful application of new technology
In recent times, VietinBank has been investing heavily and implementing many solutions and initiatives in digital transformation. Typically, the bank has successfully applied robotics process automation (RPA) technology to the mortgage loan process with about 3,000 automatically processed files per month, helping to save 65% of operating time.
In the application of artificial intelligence and machine learning, according to a representative of VietinBank, the bank is currently deploying 8 internal chatbots to serve training and support banking operations, 1 chatbot for customers, and is expected to put voice bots into use in early 2023. In particular, VietinBank promotes the exploitation and analysis of big data with problems such as reviving dormant customers, optimizing labor productivity at transaction offices, analyzing customer chains, suggesting and advising customers based on analysis of customer behavioral data.
From digitalization to digital transformation - strategy for the period 2023-2025, vision 2030
With the goal of becoming a widely recognized leading digital bank, bringing superior banking experience, VietinBank is building a comprehensive and systematic digital transformation strategy and investing resources for effective implementation. The bank has selected a capable and reputable consulting unit in the Top 3 in the world to join VietinBank in building, planning strategies, and implementing plans for VietinBank's digital transformation program for the period 2023 - 2025, with a vision to 2030.
According to this roadmap, in 2023, VietinBank will work with a consulting unit to conduct a survey and evaluate the current status of VietinBank's digital transformation on 4 pillars: digitalization, technology, data, organization and corporate culture.
Based on the assessment of VietinBank's capacity, combined with the world's development trends and movements, VietinBank will develop a digital transformation strategy for the next 3-5 years with a vision to 2030.
The digital transformation program strategy will include technology strategy, data strategy, organizational and corporate culture strategy, and digitalization strategy. And in 2023, a number of Digital Transformation initiatives will also be implemented under the advice of partners.
Mr. Tran Minh Binh - Chairman of the Board of Directors, Head of the Steering Committee for Digital Transformation of VietinBank said: This digital transformation program is considered the third major project of VietinBank after the project of restructuring the organizational model (2014) and converting the Corebanking system (2017).
The digital transformation program for the period 2023 - 2025 will be a great revolution, not only changing technology, products and services but also organizational models, culture, ideology, new and creative ways of thinking and doing things, bringing high efficiency.
Mr. Tran Minh Binh - Chairman of the Board of Directors of VietinBank spoke at the launching ceremony of building and implementing the Digital Transformation program at VietinBank for the period 2023 - 2025, with a vision to 2030.
VietinBank believes that with the determination and commitment of VietinBank's Board of Directors, together with the efforts of more than 24,000 VietinBank staff across the system, and the coordination of the world's leading prestigious consulting unit, VietinBank's Digital Transformation program will reach international quality.
Mr. Tran Cong Quynh Lan - Deputy General Director of VietinBank (3rd from left), representing VietinBank, received a Certificate of Merit from the Governor of the State Bank of Vietnam for outstanding achievements in digital transformation of the banking industry.
Many of VietinBank's technology products and services were honored with Sao Khue Awards, such as: VietinBank iPay Mobile Digital Banking Application; VietinBank eFAST Digital Banking Service for Corporate Customers and Customer Profile Management System. VietinBank's open banking solution won the award "Best API and Open Banking Implementation in Vietnam" presented by the prestigious magazine The Asian Banker.
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