At the event (Source: bizlive) Hanoi (VNS/VNA) - Digital banking is inevitable for Vietnamese banksand building trust is critical in the development of the new business model,experts said at a conference on June 14.
At a conference titled ‘Digital banking and the specific ecosystem’ held bynews portal Bizlive, Nguyen Chien Thang, VPBank Director of Digital Sales &Partners, said that digital banking is an inevitable development path forbanks.
According to Thang, there are many challenges facing banks in the developmentof digital services, of which the biggest is building trust among customers.
Tran Quoc Anh, head of HDBank’s Personal Customers Division, said the StateBank of Vietnam (SBV) had so far issued regulations to build trust in non-cashpayments. Of which, Circular 19 stipulates that when customers experienceproblems, banks at first must compensate the customers and later come up withfinal settlements.
“We try to handle problems as quickly as possible,” Anh said.
To gain the trust of customers, Le Thi Diem Phuong, director of VPBank’sCorporate Cards and Partners Development for Small and Medium EnterprisesDivision, said it was important to improve the experience for customers.
“If customers have good experiences, they will tell others,” she said.
Banks also need to build an eco-system and digital network to cover all basicservices.
According to Thang, the development of digital banking in Vietnam will offermany advantages.
First, compared to other countries, Vietnam's legal framework is relativelygood as competent agencies, including the SBV, are willing to revise regulationsto adapt to changes in the market.
Secondly, technology in the banking sector is developing fast, helping thedevelopment of digital banking.
At the conference, banking expert Can Van Luc said that digital banking helpedbanks increase revenue, increase labour productivity and save costs.
“The new business model therefore will improve competitiveness significantlyfor banks and create breakthroughs for the banks,” Luc said.
However, he noted, digital banks also must compete fiercely against non-financeinstitutions, such as fintech firms. Vietnam currently has 67 fintechcompanies.-VNS/VNA
At a conference titled ‘Digital banking and the specific ecosystem’ held bynews portal Bizlive, Nguyen Chien Thang, VPBank Director of Digital Sales &Partners, said that digital banking is an inevitable development path forbanks.
According to Thang, there are many challenges facing banks in the developmentof digital services, of which the biggest is building trust among customers.
Tran Quoc Anh, head of HDBank’s Personal Customers Division, said the StateBank of Vietnam (SBV) had so far issued regulations to build trust in non-cashpayments. Of which, Circular 19 stipulates that when customers experienceproblems, banks at first must compensate the customers and later come up withfinal settlements.
“We try to handle problems as quickly as possible,” Anh said.
To gain the trust of customers, Le Thi Diem Phuong, director of VPBank’sCorporate Cards and Partners Development for Small and Medium EnterprisesDivision, said it was important to improve the experience for customers.
“If customers have good experiences, they will tell others,” she said.
Banks also need to build an eco-system and digital network to cover all basicservices.
According to Thang, the development of digital banking in Vietnam will offermany advantages.
First, compared to other countries, Vietnam's legal framework is relativelygood as competent agencies, including the SBV, are willing to revise regulationsto adapt to changes in the market.
Secondly, technology in the banking sector is developing fast, helping thedevelopment of digital banking.
At the conference, banking expert Can Van Luc said that digital banking helpedbanks increase revenue, increase labour productivity and save costs.
“The new business model therefore will improve competitiveness significantlyfor banks and create breakthroughs for the banks,” Luc said.
However, he noted, digital banks also must compete fiercely against non-financeinstitutions, such as fintech firms. Vietnam currently has 67 fintechcompanies.-VNS/VNA
VNA
