The retail banking market still has room to develop but to gain market share in this fertile land, banks must strive to upgrade services, meeting demand of customers.
It is estimated that with the average per capita income of about $3,000, consumer credit will boom but the average per capita income of Vietnamese people in 2017 was just $2,385. Therefore, Vietnamese retail banking market has just gone the first steps, and is having abundant room to develop.
However, Vietnam retail banking market is not easy to be conquered because banks now have realised the potential and have had strategies to jump in. The Big 4 group (including Vietinbank, Vietcombank, BIDV and Agribank the banks with more than one quadrillion dong assets) recorded remarkable growth thanks to the strong shift of lending to retail customers. Moreover, the current demand of consumers is not only the convenience when withdrawing money, cheap fee or low interest rates but also the convenience in the daily life. For example, the quick payment of bills or automatic money deduction, fast money transfer, and 24/24 implementation. In that context, how will small scale banks respond?
To gain market share in the intensely competitive retail market, many banks, especially small scale banks, have been upgrading their system, and applying technology to bring about convenience and credibility to customers.
Ban Viet Bank has just launched auto messaging service to customers depositing/terminating term deposits, savings deposits. Customers just need to register using the service and carrying out any deposit transaction or withdrawing term deposits to immediately receive an automatic message from the system about the exact amount that customers have just transacted.
According to representative of Ban Viet Bank, this service will support customers to be active and easy to track the balance of each term deposits or savings deposits.
At the same time, customer care service quality is also a plus to attract and retain consumers. Most banks only have operator service and customers will waste time waiting to talk with staff via telephone counselling. By applying technology measures, Ban Viet has introduced Video call service, used by logging into Mobile Apps. This is the image-attached voice service, allowing users to listen and see real-life moving images that make the conversation real and emotional. Video call service is born to meet strong development trend of banks in improving quality service and utilising the customer care of the operator.
Also in this April, Ban Viet Bank signs an agreement with FPT to carry out the project on “Loan Origination System” (LOS), which helps to maximally automate steps in credit granting process, minimising manual errors from bank staff and most importantly, creating favourable condition to shorten the time to grant credit to customers.
In the overall development trend of digital banking, Ban Viet Bank is making efforts to develop products, services, creating utilities from the application of digital technology, in order to meet increasingly intense demand of the market. With the dynamism, flexibility and determination, Ban Viet is gradually affirming its success in attracting and retaining customers.
