Year 2018 was the last year in the important 20142018 strategic period of Asia Commercial Joint Stock Bank (ACB). The bank has ended that journey with positive growth figures.
Completing major goals
Five year is not a very long time, but the efforts of ACB helped the bank achieve most of the big objectives set in building capacity and creating a foundation for the transition and development process of ACB in the next phase 2019 2024.
ACB has successfully implemented regional and cluster business model in parallel with consolidating its distribution channel network; improved operational activities; well implemented risk management; restructured and enhance the quality of human resources; developed Information Technology (IT) infrastructure to prepare for the digital banking shift; and increased customer awareness of the bank’s new image and brand as well as improving customer service quality to create long-term commitment.
ACB’s business performance and prestige over the years have been highly appreciated by external organisations. In the future, the bank aims to lead in customer-oriented field and meet customers’ demand for Fintech and digital banking.
ACB’s general director Do Minh Toan said that “In 2019, ACB still keeps the same growth rate as in 2018 and pursues a retail strategy in the first year of the new 2019 2024 period.”
In 2018, ACB continued to record positive results with pre-tax profit of 6.388 trillion dong, total assets of 329 trillion dong, mobilisation fund of 270 trillion dong, outstanding loans of 228 trillion dong and bad debt ratio kept at a very low level of 0.7 percent. Compared to 2017, the pre-tax profit of the bank increased by 2.4 times, while its total assets grew by 16 percent. ACB actively maintained its growth momentum to support the next development period.
In addition, ACB is in the process of applying IT to all business activities, innovating customer experience by adding digital banking channel to traditional banking channel. In the near future, ACB will collaborate with the foundation system of other organisations and have a separate platform in order to provide financial service solutions which improve service quality and optimise benefits for customers.
The application of technology internally is also promoted such as having an application for sales employees, digitising processes and stored data, etc., helping employees save time and easily perform their tasks in order to better focus on customer care.
Strong investment in technology and workforce
According to Toan, ACB will make large investment in technology, especially the improvement of security capacity. “We develop digital platform and carry out transformation in technology to promote business activities, but also pay attention to information security as it is a vital factor for banks in the context when technological attacks are rising sharply. Therefore, we have used no less than 20 percent of the investment capital in technological foundation of the system in recent years,” said Toan.
ACB’s leader also added that to enter a new development path ahead, people, technology and processes, etc. will continue to be the foundation of ACB in the new period, in which human role will be higher and create the motivation to create changes. However, in a team of up to 10,000 people like ACB’s, discipline is the factor that much affects the achievements of the organisation. Discipline and compliance help create efficiency, strengthen the necessary cooperation between departments, limit risks, and put everything in the right path.
