Vietnamese bank receives ‘sweet fruit’ thanks to pioneering digital transformation.

Pioneering in the process of digital transformation, with the goal of putting people at the center, the banking industry has made significant contributions to limiting the use of cash. In addition, many credit organizations have also improved their operational efficiency through active digital transformation.

According to the State Bank of Vietnam’s data, as of September 2022, the banking industry has invested 15 trillion dong in digital transformation activities and has achieved positive results. Over the past four years, digital payment growth in Vietnam has been maintained at 40%, making it one of the fastest-growing countries in terms of digital banking applications.

In 2022, non-cash payment transactions increased by 89.05% in terms of quantity and 32% in terms of value. In particular, transactions made through the internet increased by 98.54% in terms of quantity and 50.24% in terms of value; transactions made through mobile phones increased by 139.32% in terms of quantity and 106.54% in terms of value; and transactions made through QR codes increased by 225.36% in terms of quantity and 243.92% in terms of value.

In the first 8 months of 2023, Internet transactions increased by 76% in terms of quantity and 1.79% in terms of value compared to the same period in 2022; QR code transactions increased by 152% in terms of quantity and 301% in terms of value; mobile transactions increased by 65% in terms of quantity and 77% in terms of value.

In addition to individual customers, business customers, SMEs, and household businesses are the groups that have a deep impact on the society and economy’s digital transformation process. Financial services and digital platforms for businesses are always a focus for banks. This is a group of high-value transaction subjects with a demand for cash flow management, digital document services, guarantees, etc.

Understanding customer needs, TPBank has long applied technology to solve problems related to business transactions.

Leading the market in creating a wave of digital document products - a service on the digital platform for businesses TPBank Biz, TPBank helps customers submit applications completely online, shortening approval time and eliminating the need for traditional document delivery steps. Instead of taking 2-3 days to process applications in the case of absent decision-makers, businesses can send and receive credit transaction documents online anytime, anywhere, right on TPBank Biz with simple steps.

To date, TPBank provides digital solutions for a variety of business types from simple to complex operating models, large revenue and expenses, decentralized/centralized, including companies that operate 24/7 and require full automation.

Pioneering the Open Banking trend

Thanks to its early understanding of the Open Banking trend, TPBank has a diverse range of leading features that can bring the most convenience to businesses. TPBank has deployed a variety of Banking as a Service (BaaS) services since 2018-2019.

To date, the bank has connected with hundreds of different partners, introducing over 2,500 payment services, and continuously creating new connections every week to serve customer needs.

With a rich library of OpenAPIs, standardized and packaged into complete product packages, TPBank helps businesses easily integrate into the system to bring the most suitable products to customers, shorten connection deployment time, and optimize business costs.

TPBank Biz continuously creates leading solution packages to support and provide the best utilities to customers. One of the special features that businesses respond to is Biz Connex. With dozens of main products in the Biz Connex solution package covering the daily needs of businesses, customers can rest assured when controlling all transactions and financial situations.

TPBank focuses on researching complete and synchronized solutions to meet the needs of business customers, especially in the logistics and retail supply chain industries.

The solutions offered by TPBank Biz allow for multilayered and multilevel revenue management, on a per-store or per-business unit basis; centralized, automated, and flexible cash flow management across multiple company levels; and automatic reconciliation and settlement…

The series of features created by TPBank are based on a deep understanding of customer needs and market research, focusing on each product. This is also a significant step in developing and enhancing digital experiences, developing powerful tools to support customers in their business.

The innovative process both in procedures and connected utilities through OpenAPI will bring business owners a breakthrough experience when managing finances and tracking cash flow.

With the innovations of pioneers, the digital platform for businesses TPBank Biz has made a breakthrough in payment during the technology revolution. The application of advanced technologies such as AI, Big Data, and TPBank digitalization process of automatic credit limit analysis based on data analysis and disbursement for customers, thereby saving time and bringing convenience. Customers can track transactions in real-time and perform large transactions, such as payroll payments and partner payments.

Symbol of digital transformation

For individual customers, TPBank has long been a deeply ingrained image in the minds of the social digital society. In 2016, LiveBank 24/7 was born as the “never-sleeping” icon of the bank, integrating the most advanced biometric security features, allowing users to open accounts, cards, withdraw/deposit cash without having to go to the transaction office. With all the features of a branch/transaction office, except for lending function, and operating continuously 24/7, the LiveBank model has helped TPBank become a leading bank in developing automatic banking models in Vietnam.

Without stopping, TPBank continues to upgrade LiveBank to LiveBank+, and most recently implements the eCM “Digital Assistant” - a 3in1 authentication device at transaction counters. This is an automatic biometric identification device that allows customers to make transactions immediately after a few seconds of recognition and authentication without the need for documents if they have registered their personal information with TPBank.

At the Vietnam Innovation and Creativity Exhibition 2023, TPBank was honored to be the only bank to participate in the exhibition and create great attraction at the integrated technology booth of the Ministry of Public Security with the LiveBank 24/7 and eCM “Digital Assistant” - a 3-in-1 identification device at transaction counters. These are the first two devices, products of the banking system that are capable of reading chip-embedded Citizen Identity Cards (CCCD) and identifying customers for use in transactions by successfully connecting to the database of the Ministry of Public Security.

LiveBank 24/7 is equipped with NFC technology integrated with the CCCD chip reading stream and eCM 3in1 upgraded with NFC module, making it possible to scan the chip-embedded CCCD for authentication and registration of personal information with TPBank. With nearly 500 modern automatic banks of LiveBank 24/7 and many eCM 3in1 devices at the transaction counters, TPBank will widely deploy this important feature throughout its digital banking system in the near future. Customers can use the CCCD chip to authenticate and open accounts, use financial services when transacting at the transaction counters with eCM 3in1 or at any LiveBank 24/7. Interestingly, the bank’s customers have long been able to transact with LiveBank 24/7 without any paperwork and easily through biometric authentication that ensures the highest level of security. In addition, gradually shifting from traditional transactions to using modern technologies, biometric authentication without paperwork, documents, or certificates (paperless) not only increases customer convenience and service quality but also demonstrates TPBank’s commitment to environmental protection, green growth, and sustainable development.

In 2018, TPBank was also the first bank to use a virtual assistant to answer customer inquiries. The TPBank Mobile application on mobile platforms is constantly updated and supplemented with superior, trendy and modern features. The most prominent feature is ChatPay - transferring money on the messaging interface; or VoicePay, with a user rate of over 90%.

In 2020, TPBank became one of the first banks to announce the completion of the eKYC process - electronic identification on the mobile application. From that point on, customers can open accounts and cards on the application without having to go to the counter.

TPBank also has the largest coverage rate for connecting to e-wallet services in Vietnam, having connected with 12 e-wallets and accounting for over 90% of e-wallet service users in Vietnam.

Thanks to strong technology investment and leading market trends, TPBank is increasingly trusted by more customers, especially young customers. To date, TPBank has over 10 million customers using its products and services. The large number of customers helps the operation of TPBank continue to expand. The bank has had a growth chain for 10 consecutive years.

With a customer-centered orientation that is consistently leveraged by technology, and creatively developing digital solutions to serve people, TPBank has become a symbol of Vietnamese banks in the digitization journey, making a breakthrough in the market, and aiming to become a leading financial institution in Vietnam and the region.

TPBank won the Better Choice Award 2023 in the Innovative Choice Awards category, a convincing indication of the bank’s commitment to innovation and creating value for the community and society through promoting digital transformation and advanced initiatives. This is an important step in TPBank’s journey to contribute to the development and progress of the economy and society.