This is the fifth time VIB’s application has received an award from The Asset. — Photo courtesy of VIB.

The Vietnam International Bank’s MyVIB has been recognised as the best mobile banking application in Vietnam by The Asset magazine at the Asset Triple A Digital Awards 2022.

This is the fifth time that VIB’s application has received an award from The Asset and is also the eight consecutive year this application has been granted prestigious awards by major international media companies such as The Banker, The Asset, and Global Finance Review.

Head of Digital channels at VIB Pham Thu Ha, considered 2021 a challenging year for traditional business models due to the impact of the pandemic. But this difficult period was also a test of the effectiveness of digital banking models that banks have implemented.

Thanks to VIB’s effective and focused investment in digital banking during a five-year transformation journey, the bank’s mobile application - MyVIB last year demonstrated its strengths and achieved outstanding growth, contributing to affirming VIB’s position as a leader in technology, with prestigious awards from two leading international organisations, The Banker and The Asset, Ha said.

Tremendous growth in the number of users and transactions

VIB said it saw a tremendous increase in the number of users and transactions via the MyVIB application in 2021.

The number of new customers registering on MyVIB increased by 60 per cent year-on-year while the total number of regular customers and transactions rose 60 per cent and 177 per cent, respectively, over the previous year.

Meanwhile, the bank last year recorded a significant rise of 206 per cent in the number of Digi accounts that opened entirely online via the app. At the same time, its current and savings account (CASA) deposits also experienced an impressive growth of 1,000 per cent compared to 2020.

The number of newly-opened credit cards surged by 5,000 per cent year-on-year through the VIB website. The quantity of newly-opened VIB iCard - a global payment card, also increased 126 per cent year-on-year while online deposits rose 55 per cent, with the closing balance increasing 43 per cent compared to 2020.

Furthermore, the number of VIB Care insurance contracts issued online also followed the rising trend with a yearly growth of more than 200 per cent, according to the bank.

A pioneer in applying new technologies

VIB saw record tremendous growth in the number of users and transactions via the MyVIB application in 2021. — Photo courtesy of VIB

With a consistent strategy of focusing on customers during the digitisation and digital transformation process, VIB has pioneered the application of many new technologies and the development of value chains to provide customers with a better experience while using the bank’s services.

Amid the pro-longed pandemic, which affected and disrupted social contacts in 2021, VIB developed many new features to help MyVIB users have safer, faster and more convenient transaction methods and overcome the obstacles of space and time.

Thanks to its efforts, VIB has become the first bank in Viet Nam to offer health insurance entirely online through the MyVIB mobile banking app. Customers only need to choose an insurance package designed to suit each age group for their family and themselves and then make payments. The insurance contracts will be issued effective immediately.

With an increasingly upgraded and perfected eKYC (electronic Know Your Customer) method, VIB also is a pioneer in providing a trio of comprehensive payment solutions - Digi account, iCard and MyVIB - for customers in just a few minutes of online identification. With these online solutions, customers do not have to visit the bank’s offices or branches, contact its tellers or submit any paper documents.

Previously, VIB also pioneered applying AI and Big Data and other advanced technologies such as e-KYC and e-Signature in approving and issuing credit cards. That helped the bank set a new record in the local banking industry with the time for approving, issuing and activating cards taking only 15-30 minutes, equal to 1/500 of the average time.

Smart Card technology with a set of three electronic card solutions (Virtual card), contactless payment (Contactless), and electronic PIN (Green PIN) has also been applied by the bank so that customers can fully activate, use and manage cards right on MyVIB instead of receiving cards and printed PIN code.

Considering digital banking and automation as the focus of the medium and long term development in 2022 and the following years, VIB will continue to invest in foundation technology systems to make its digital products the first choice of customers who have their financial needs.

Additionally, the bank will continue to facilitate advanced technologies including Automation, Artificial Intelligence (AI), Machine learning, Big data and Cloud Computing to quickly capture and respond to customer needs, accelerate product development, and provide customers with the best services.

VIB, MyVIB application and VIB’s digital technology ecosystem continue to be the bank’s priority for investment and development in the coming years, VIB said.

According to The Asset, in the future, financial institutions that can ensure consistency in the quality of their services to end-users can enhance their presence and gain more market share. It can be said that digitalisation is not a destination but a continuous journey for organisations that are striving for operational efficiency and service excellence. — VNS