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COVER STORY

INTO THE

MODERN WORLD

Banks in Vietnam are continuing to be active in developing digital banking
as customers embrace the concept.

NGOC LAN Reports

ith Industry 4.0 having a sub- bank with close to full digitized products with larger banks by taking advantage of
stantial impact on all aspects and services, ranging from basic products digital technology to access a large cus-
W of the economy and society, such as account opening, savings, and tomer base.”
local banks have been forced to evolve at cards to modern financial products such VPBank, meanwhile, has developed the
an exponential rate to meet consumer as investments in open-ended funds and YOLO digital bank. YOLO not only pro-
needs, with digital banking being widely securities, international money transfer, vides customers with a full range of financial
introduced and promoted. and value-added services for daily life, like services but also integrates other services
shopping, travel, and entertainment. “With to cater to their daily needs, such as trans-
BANK RACE our digitalization journey starting in early portation, travel, entertainment, and restau-
Many banks are now looking at digital 2018, OCB has an advantage with tech rant reservations, among others. And
banking as the focus of their development, platforms that provide more and more TPBank has launched LiveBank, a 24/7
launching digital banking models that features to acquire and retain customers online banking service expected to cut
operate independently of traditional mod- and cross-sell products,” Mr. Anirban Roy, transaction times by 40 per cent compared
els. These are fully-automated 24/7 offer- Deputy CEO in charge of OCB’s Technology to traditional models thanks to the appli-
ings that can perform almost all transac- and Digital Banking, told VET. “Digitization cation of new and modern technologies.
tions, just like a traditional branch but is the only way for the bank to grow. With “TPBank spends about 25-30 per cent of
without the need for customers to have digital technology, reaching new customers its budget on technology every year,” said
direct contact with banking staff. or serving existing customers through Mr. Nguyen Hung, General Director of
OCB, for example, has launched the physical channels is no longer a barrier, TPBank. “But the story is not just about
OCB OMNI digital bank; a self-service so mid-sized banks like OCB can compete investment figures, but more importantly -

www.en.vneconomy.vn NOVEMBER 2021 | VIETNAM ECONOMIC TIMES | 11