An Binh Commercial Joint Stock Bank has kicked off an information technology strategic consulting project in collaboration with McKinsey & Company Vietnam.

Under their agreement the global management consulting group will assess the current status and technology readiness of ABBANK, and, based on the lender’s financial capacity, will design technology architecture and implementation road map to help achieve its medium- and long-term strategic goals.

Marco Breu, managing partner of McKinsey Vietnam, said Viet Nam's banking sector would transform very quickly in the near future, especially in the context that the COVID-19 pandemic has changed consumer behaviour with more opting to use online services.

So each bank needs in-depth understanding of how they should serve customers and what changes in products and services they need to target different customer segments, he said.

ABBANK invested early in a digital transformation platform, automating operational processes through a series of projects such as improving the loan orgination system on the basis of streamlining processes and forms; deploying sales through digital channels and digital products (eKYC, providing loans via app and opening cards via app, and so on); developing of real-time data management system; streamlining appraisal and approval forms and processes; and others.

The bank recently increased its capital through share issuance and used the money supplement working capital and strengthen its digitisation platform.

Speaking about the co-operation with McKinsey for this project, Le Hai, ABBANK CEO, said, “The information technology strategic consulting project is one of the important projects for realising ABBANK's breakthrough goals in 2021-25.

“I believe that the co-operation with the world's leading consulting partner will create a new position for ABBANK in quickly achieving our digital transformation goal to improve governance and operations, expand customer base and enhance the experience of customers and ABBANK employees." — VNS