Its successful retail strategy is based on human resources, technology, financial capability and branch network
March 2, 2015: Even since it was established 23 years ago, Retail Banking Strategy has been the key for Sacombank. It adopted a “Customer Centric Model” very early in order to achieve excellence in customer service as the main differentiating factor, which helped it become one of the leading banks in Vietnam.
Four key solutions to execute a successful retail strategy are human resources, technology, financial capability and branch network.
Considering human resources as the most valuable asset, a healthy and professional working environment has been created. The bank strongly supports and develops its employees with on-going training both in Vietnam and overseas.
It has invested heavily in Information Technology to enhance customer experience and to improve productivity and management capability. The successful upgrade of Core Banking T24-R11 for the whole system, including in Laos and Cambodia, has laid the ground for Sacombank to implement many modern high-tech systems and applications, such as Internet/Mobile Banking, FX Trading, Fund Transfer, Risk Management and Human Resources Management.
Sacombank’s financial capability has been very sound as the capital has been strengthened over the years. With the motto “profit is just temporary, market share is perennial”, Sacombank has focused on network expansion and effectiveness. As of today, it has 428 transaction points in Vietnam, Laos and Cambodia. All of them are in strategic locations with premises of high standard showing Sacombank’s strong and long-term commitment to customers and communities.
In the retail segment, Sacombank offers a diversified portfolio of hundreds of products and services, including several types of cards, deposits, loans, personal financial services and bancassurance. Unique products and services customised by regional characteristic were successfully launched.
In line with the slogan of building solid partnerships and growing together with business, Sacombank has been very active in participating in many initiatives to support the business growth such as low Business Loan Program, “Connecting Banks-Business” campaign, Low Interest Loans to business during Tet, etc. Moreover, Sacombank has established business relationships with hundreds of correspondent banks from different parts of the world to provide more comprehensive solutions to customers, such as trade finance, international payments and remittance, etc.
Then the past few years, Sacombank’s operations have been much more stable with sustainable growth and profitability higher compared to its peers in the banking industry: total deposits increased by 30%, total lending is 17% and net profit is higher than 21%.
In additional, considering social responsibility as priority, Sacombank has been giving back to the community through programs such as charity events for low income residents living in islands, Free Public Washrooms, sponsoring garbage bins and benches in public parks, operating “Run with Sacombank for Community Health” in almost every provinces in Vietnam, Red Cross Day, Spring Day for underprivileged children and scholarships to poor students, etc.
Sacombank is very proud to be the recipient of many of the prestigious awards both in Vietnam and internationally in 2014 (19 domestic and six international prizes), including “The Best Retail Bank Vietnam 2014” by IFM and “The Best Domestic Bank Vietnam 2014” by The Asset. Moreover, “My eBank” was voted the best and most preferred eBank by customers in a poll organised by the biggest Vietnamese online news agency – VNExpress and SBV.
Considering 2015 as the very important year for successfully executing the long-term strategy and to be recognised the best retail banking by 2020, Sacombank will improve internal processes, maintain and develop a diverse and competitive portfolio of products and services, apply new innovative sales models and maintain and develop an attractive privilege program for clients.
With the milestones and achievements over the years, along with a strong and solid commitment to the customer, shareholders, staff and community, Sacombank strongly believes that it is on the right track in building a solid foundation to maintain its leading position in retail banking in Vietnam and the Indochina region.