The State Bank of Vietnam (SBV), the country’s central bank, says 88% of the country’s credit institutions expect higher profitability in 2019 compared to 2018. Positive outlook aside the SBV is forecasting a lower growth target of 14% for the year compared to 16% in 2018.
As the banking sector gears up for more competition from within, banks like Vietnam’s Maritime Commercial Joint Stock Bank (more recognised locally as MSB) are investing in technology to help them be more competitive.
In a bid to create what it believes to be the best experience for customers, MSB views digital transformation as a critical tool to understand customer's needs better, serve them seamlessly, and provide superior customer experience consistently.
It chose to deploy the Customer Centricity System from SunTec Business Solutions to help it achieve these ambitions. SunTec’s Xelerate enables the bank to automatically segment its retail banking customers, based on pre-defined multiple business parameters; this enables MSB to introduce customized products & services for each target segment on a real-time basis.
The introduction of exception-pricing capability is another game changer as it equips the bank with additional IT-related capabilities to offer and manage relationship-based pricing more efficiently right up to a customer level.
MSB CEO, Quang Huynh Buu, added: "Automating our customer offerings and processes gives us the much-needed flexibility to provide multiple product options to customers, which in turn gives us the edge over other banks. It is an interesting phase for MSB as we enhance our digital innovation capabilities and take our customer relationship management to the next level."