VietinBank’s iPay saw 140% growth in transaction value

Sales: VietinBank’s iPay boosted transaction value with a 140% increase YoY

VietinBank’s iPay contributed to building a cashless society and provided support amid pandemic. VietinBank’s iPay has achieved encouraging results as shown by the increase in number of customers by 50%, 120% growth in transactions while transaction value processed through iPay channel rose by 140% year-on-year (YoY).

In addition, iPay’s non-life insurance sales grew twice as high as the sales of the popular e- wallet in Vietnam called MoMo, which has 10 times more customers. iPay also offers bond sales in which 30% of the sales were transacted via iPay.

Meanwhile, electronic know your customer (eKYC) deposit account sales for BIDV and Vietcombank are not yet 100% digital compared to VietinBank. VietinBank has a strong digital customer engagement with 75% monthly mobile banking active users.

Digital and Innovation: VietinBank’s Smart contributed to 30% of newly collected retail deposits

VietinBank introduced eKYC for its two-tiered mobile banking account packages, namely Smart and Plus in November.

Smart helped boost the bank’s new customer acquisition, posting more than 200,000 in new accounts within two months after its release. It is estimated to end the year with 1.7 million new accounts. The accounts contributed to 30% of newly collected retail deposits to date. The bank has one of the biggest market shares in retail deposits with 10%.

MBBank was the first bank to introduce a true 100% digital eKYC onboarding process. Early this year, Vietcombank launched a tier account opening package.

Services offered: VietinBank tailored extensive functions for its mobile platform

VietinBank offers extensive functions such as notification of customers on upcoming bill payments, best offers based on purchase, or application for next branch visit via mobile phone. It enables customers to withdraw money through quick response (QR) code scanning at the ATM.

Meanwhile, Techcombank provides only lock and unlock of cards and saving programmes while BIDV introduced an e-forex service where customers can trade up to 15 currencies. BIDV also has chatbot capabilities on its mobile platform.

Dam Hong Tien, director of retail banking at VietinBank, shared, “This award is a worthy recognition of our efforts in digital transformation, especially in the enhancement of our digital banking application ‘VietinBank iPay Mobile’ to better address customers’ needs. Diversified features, utilities, modern and user-friendly platform on an optimal security foundation are our guidelines when developing VietinBank iPay Mobile”.