International Finance

Vietnamese bank scales operations to democratize banking

Pvcom, banking, Vietnam, mobile, ATM, money transfer
PVcomBank is taking its mandate to provide seamless customer experience quite seriously, as its mobile banking initiative covers almost all crucial aspects of modern day transactions

PVcomBank is taking its mandate to provide seamless customer experience quite seriously, as
its mobile banking initiative covers almost all crucial aspects of modern day transactions.

Vietnam’s PVcomBank, in its quest to provide the most updated facilities to clients by developing digital channels, has released a chain of mobile banking products called PV Mobile Banking for Android operating systems.

The product has met most utility services for customers – it has a user-friendly interface and allows for easy operation by customers. While logging in to the app for the first time, PVcomBank has a screen introducing basic features to help visualize interface functions but you can also click “ignore” if you do not want to review the content. Thanks to smart technology, customer data from the previous login can be saved, with the customer just having to enter his password to use the application again.

The Mobile 2.0 version is designed with a new, flat interface that allows customers to experience better applications. Customers can navigate various options such as ATM and Branch Network search, regular newsletters, and promotional schemes. While continuing to explore the app, the transfer function simultaneously allows customers to transfer through the ATM card or account number. The inbuilt software manages the list of beneficiaries as well, avoiding the need to remember user account numbers. With the phone working as a “transaction counter”, users can add money to their phones and manage activities such as recharge and billing information. The technological benefits aside, PV Mobile Banking 2.0 offers a slew of economic benefits such as promotions through the rental charge phone calls, network reduction charge by 10% for Vinaphone, free regime when interbank transfer takes places with any Vietnamese bank, the ability to open savings online and superior interest rates – higher than the interest rate of saving at the counter from 0.1 to 0.4%. The company made a significantly large investment in the technology to build the application for KH. Moreover, as PV-Mobile Banking products were available in two versions, initial launch of the service or project was challenging due to change of personnel and contractors participating in the project. With a dedicated team working to keep up the pace of the project, the objective of PVcom Bank was to make e-banking accessible and convenient for business development. A representative from the company said, “This is reflected in the number and value of strong transactions in monthly months in the first three months of implementation, KH responded well. The service was successful.”It is important to note that the service was deployed during the period when PVcomBank had not changed its CORE banking system, because of which the staff did not experience a lot of difficulty connecting and testing the systems.Due to careful review and testing, service connection systems are stable and smooth leading to a more than satisfactory customer experience, said PVcomBank officials.

“I am quite satisfied with PVcomBank’s Mobile Banking service as most services can be performed quickly with just a few touches on the device. E-banking, bank account inquiry, ATM, money transfer in the same system or inter-bank, payment of monthly bills (electricity and telephone), to Shopping for goods through electronic payment gateways, buying airline tickets, booking hotels. I can easily send my savings without having to go to the transaction room to be served. My smartphone has become a real “counter”.

– A satisfied PVcomBank customer

The mobile banking application is largely successful, evident from the number of transactions and their values. In 2015, 373,000 transactions were made, equivalent to 2,500 billion VND and in 2016, the number has doubled to reach 677,620 transactions with 5,999 billion VND. On the partner side, PVcomBank also received positive reviews for professionalism in the business as well as the coordination in the process of interaction, service deployment as well as the process of support for answering the complaints of the following plan when the application is put into operation.

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