Bank risks criticism but will argue need to retain best staff in drive to break even
Best Digital Business Model Initiative in Vietnam - VPBank
A successful digital business model demonstrates sustainable revenue enhancement and diversification strategies. It implements innovative programmes to serve new or underserved customer segments utilising new products delivered through new or re-engineered channels.
The winning bank introduced a wholistic approach to digital banking to meet the online customer behaviour patterns. It developed a digital business model that increases the productivity of customer acquisition. It builds a new onboarding platform and upgrades its electronic know your customer (eKYC) process. The bank optimised the system services to shorten the processing time between each system which resulted in the reduction in system fail rate from 1% to 0.8% in 2021. The bank’s new customer acquisition grew by 84% in 2021. Its online transaction volume increased by 91% from 65 million in 2020 to 124 million in 2021 while transaction value rose by 23 million or 51% in 2021. The Best Digital Business Model Initiative in Vietnam goes to VPBank.
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You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information on the collaterals for winning banks, please contact:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145
Email: mkazmi@theasianbanker.com
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