VPBank on Tuesday signed agreements with Amazon Web Services (AWS), selecting AWS as its preferred cloud provider to build digital banking experiences for VPBank customers.
VPBank will use AWS SageMaker and AWS AI Services to enhance its analytics capabilities and accelerate the development of banking-financial applications, enhance automation of banking tasks, and drive new digital banking features such as chatbots and digital banking solutions to improve customer service.
The collaboration will also help VPBank optimise costs without having to invest in on-premises infrastructure to scale its digital banking services. By using AWS’s most secure global infrastructure, VPBank will build banking and financial applications with the highest standards for privacy and data security, further improve the capacity of customer information security, and ensure the highest safety for domestic and international transactions.
Luu Thi Thao, Standing Deputy CEO of VPBank said: “The collaboration between VPBank and AWS will create great innovations in the bank to satisfy the diverse needs of our customers.
"This collaboration will also help strengthen the stability of VPBank’s core banking system, meeting the highest standards of information security and safety, and helping customers feel more secure every time they conduct a transaction, especially in the digital environment.
"With cloud, VPBank will master technologies that allows it to go even faster in building financial-banking solutions and promoting business growth through technology application.”
Conor McNamara, Managing Director, ASEAN, Amazon Web Services, added: “Viet Nam’s financial services industry has rapidly embraced digital technology to drive financial inclusion, deliver personalised customer experiences and maximise the advantages public cloud technology can offer for operational excellence, security and cost optimisation.
“We are proud to work with VPBank to enable the bank’s ambitious infrastructure modernisation objectives to meet and exceed the rapidly changing consumer behaviours and expectations, and drive business growth.”
Upskilling and reskilling are crucial in today’s digital era – both for organisational growth and for economic development at the national level. Leveraging AWS Training and Certification programmes, VPBank will develop a workforce proficient in cloud skills so the bank can continue building new and innovative digital banking products while offering a delightful digital banking experience for customers.
AWS will also work together with VPBank to support its recruitment events targeted at engineers and developers to strengthen VPBank's digital workforce. These initiatives will enable VPBank to bolster the quantity and quality of its talent acquisition and training programs with support and advice from AWS, including leveraging AWS Skills Guild to create a customised programme for VPBank staff to build cloud fluency across the organisation.
Technological capability is one of the strengths that help VPBank lead the market, and is a lever for the bank to continue improving its performance indicators. At the end of 2022, on a single basis, VPBank’s return on assets (ROA) reached 3.7 per cent for the first time, a record high in the local banking system. Along with that, VPBank once again affirmed its leading operational efficiency stance across the industry with a cost-to-income (CIR) ratio of 19.3 per cent.
These results demonstrate VPBank’s focus on accelerating investment, driving innovation through improved digitization and business processes, and enhancing product and service quality to enrich the customer experience. Many VPBank-branded products and services such as VPBank NEO for retail customers and VPBank NEOBiz for businesses, have become market-leading digital solutions valued for the best customer experience in the Viet Nam financial industry.
VPBank expects that the collaboration with AWS will bring a new level of technological capabilities and improve its talent base, which will help the bank to enhance customer satisfaction and quality services. — VNS