VietinBank opened 175,000 deposit accounts with new packages

By The Asian Banker

VietinBank acquired 175,000 Basic, Smart and Plus accounts of which 82% were new. They contributed to more than $161 million in total current and savings account (CASA) balance per month.

VietinBank’s Basic, Smart and Plus account packages bested peers’ offerings
VietinBank tailored personalised packages for different customer segments
The bank leveraged digital capabilities to improve the deposit product offerings

Singapore, 3 June 2021 – VietinBank’s Basic, Smart and Plus accounts were recognised as the Best Deposit Product in Vietnam at The Asian Banker International Excellence in Retail Financial Services Awards 2021. VietinBank leveraged digital innovations to improve customer experience and deposit product to meet the demands of different customer segments.

VietinBank strengthened its financial performance with its innovative digital solutions and strong customer base

VietinBank and Saigon Hanoi Commercial Bank (SHB) stood out from the submissions for Best Deposit Product that were received this year.

Financials: About 82% of 175,000 accounts were new

VietinBank said 82% or 143,500 out of the 175,000 Basic, Smart and Plus deposit accounts were

new and have contributed more than $161 million in total CASA balance a month.

The total CASA balance from the account packages is expected to contribute 25% to 30% of the total average CASA balance, a year after its launch. The average CASA balance of newly opened account joining the package is $266 per account.

Meanwhile, its close competitor SHB’s deposit product contributed less to the bank’s total retail deposits collected for the year. The bank posted a slight increase in the number of retail savings accounts.

Customer experience: VietinBank tailored personalised packages for different customer segments

Dam Hong Tien, director of retail banking at VietinBank, said, “We are proud to be one of the first banks to successfully deploy different account packages called Basic, Smart and Plus to fully meet the needs of each customer segment without incurring any fee”.

VietinBank’s Smart package caters to young customers who are more digitally inclined. The Basic package is meant for traditional customers who have difficulty accessing digital services. The Plus package is for customers that have frequent transactions. These packages are free of charge for all types of services.

Meanwhile, SHB has partnered with insurance firms to deploy savings product packages combined with health care insurance gift to bring comprehensive incentives to customers. SHB coordinates with insurance partners to diversify methods of monitoring and paying premiums for customers. The product is accessible through its electronic know your customer (eKYC).

Digital and Innovation: VietinBank leveraged digital capabilities to improve the deposit product offerings

The services in VietinBank’s packages were registered automatically, based on the available information of customers on the system. Customers can open a payment account and register the package at the branch or open a digital account through online channels. The bank encourages new customers to open accounts using online payment accounts through eKYC. The bank offers a free package for up to 12 months.

“Now, more than one million customers have trusted and opened one of those account packages. The opening of an account has become more convenient as customers can have it done through our VietinBank iPay Mobile application via eKYC identifier. We are excited about the developments in VietinBank’s retail products and services to better capture customers’ demand and be the leading force in the market,” he said.

About The Asian Banker International

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums.

The company’s website is www.theasianbanker.com

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