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MyVIB was honored as the best mobile banking application in Vietnam

05/23/2022 10:00 GMT+7

The Asset magazine has just honored MyVIB as the best mobile banking application in Vietnam within the framework of The Asset Triple A Digital Awards 2022.

MyVIB was honored as the best mobile banking application in Vietnam

This is the fifth time that VIB’s application has received an award from The Asset and it is the 8th year in a row that this application has been honored by major international media companies such as The Banker, The Asset, and Global Finance Review. with prestigious awards.

Talking about this event, Ms. Pham Thu Ha – Director of VIB Digital Banking Strategy Center said: “The year 2021 is a difficult and challenging year for traditional business models under the influence of the Covid-19 pandemic. However, that difficult period is also a test of the effectiveness of digital banking models that banks have deployed over the years. At VIB, with serious and focused investment in Digital Banking during the 5-year transformation journey, in 2021, the MyVIB Digital Banking application has demonstrated its strengths and achieved outstanding growth. level, contributing to affirming VIB’s leading position in technology trends with prestigious awards from two leading international organizations, The Banker and The Asset.

Tremendous growth in the number of users and transactions

The year 2021 will see a tremendous growth in users and transactions via MyVIB application. The number of new customers registering on MyVIB increased by 60% compared to 2020. The total number of regular customers and the total number of transactions increased by 60% and 177% respectively over the previous year. The number of Digi accounts opened entirely online via the app increased by 206%, and the total ending balance of CASA accounts increased by more than 1,000% compared to 2020.

Through VIB website, the number of newly opened credit cards increased by 5,000% and the number of new opened iCard global payment cards also increased by 126% compared to 2020. Online deposits increased by 55% with closing balance increasing by 43%. compared to 2020. The number of VIB Care insurance policies issued online increased by more than 200% compared to 2020.

Pioneering application of new technologies and building value chains on MyVIB

MyVIB was honored as the best mobile banking application in Vietnam

With a consistent strategy of focusing on customers in the process of digitalization and digital transformation, VIB has pioneered the application of many new technologies and built value chains to bring customers a better experience of the method. access to banking services. In 2021, in the context of the pandemic affecting and disrupting social contacts, VIB has developed many new features to help MyVIB users have more safe, faster and more convenient transaction methods. , overcome the obstacles of space and time.

VIB is the first bank to offer health insurance entirely online through the mobile banking application MyVIB. Customers only need to choose an insurance package designed to suit each age group for their family and themselves, make payments, and the insurance policy will be issued and effective immediately. With an increasingly upgraded and perfected electronic identity solution (e-KYC), VIB is a pioneer in providing a trio of comprehensive payment solutions for customers including: Digi account, full payment card. request iCard and MyVIB app in just a few minutes of online identification. The whole process is done online, customers do not need to go to the counter, do not contact the tellers and do not submit paper documents.

Previously, VIB was also the pioneer bank to successfully apply AI and Big Data, along with modern technologies such as e-KYC, e-Signature in the credit card issuance and approval process, setting a new record. in the market in terms of processing and approval time until the card is used on the electronic card version: only 15-30 minutes, equal to 1/500 of the average time in the market. Smart Card technology with a set of 3 electronic card solutions (Virtual card), contactless payment (Contactless), electronic PIN (Green PIN) is also applied to help customers not need to deliver physical cards, receive PIN printed on paper that can fully activate, use and manage the card right on MyVIB.

With the identification of digital banking and automation as the focus of development in the medium and long term, in 2022 and the following years, VIB will continue to invest strongly in foundation technology systems, bringing new products and services. The bank’s digital products have become the first choice of customers for their financial needs. Besides, the bank will continue to shift and apply widely the technologies of Automation (Automation), Artificial Intelligence (AI), Machine learning, Big data, Electricity Cloud computing to quickly capture and respond to customer needs, accelerate product development, and provide a more and more complete service experience for customers. MyVIB Digital Banking application and MyVIB’s digital technology ecosystem continue to be VIB’s investment and development priorities in the coming years.

According to The Asset, in the future, financial institutions that are likely to gain more market share and awareness in the post-covid era are those that can demonstrate consistency in service quality. their service to the end user. It can be said that digitalization is not a destination but a continuous journey of organizations striving for operational efficiency and service excellence.

Information about The Asset Triple A Digital Awards 2022

Pham Trang

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