With substantial investments in technology platforms and innovative digital solutions, Vietnam Maritime Bank (MSB) has recently been honored with the prestigious “Outstanding Digital Transformation Bank of 2022” award.
Presented by the Vietnam Banking Association in collaboration with the International Data Group (IDG), this recognition marks the second consecutive year that MSB has been commended in this esteemed category.
Embracing the goal of complete digitization of processes and procedures
MSB initiated two pivotal technology projects in 2021: the Digital Factory and the modernization of their core banking system, known as Core Banking. These initiatives are regarded as the fundamental pillars of MSB’s digital transformation journey. By the year 2022, these projects demonstrated exceptional outcomes.
In regards to the Core Banking transformation project, MSB has emerged as a frontrunner in the market, successfully transitioning their core banking system to the most advanced T24 Transact version currently available in Vietnam. The project has effectively fulfilled all business and technical requirements during the analysis phase. Simultaneously, MSB is meticulously monitoring customization, fine-tuning, and testing processes to ensure seamless operation of the core system by the third quarter.
Meanwhile, the Digital Factory project has achieved significant milestones. As of the end of 2022, MSB has successfully implemented eight customer journeys, including the complete digitization of credit card processes, unsecured lending procedures, and non-life insurance applications. By replacing labor-intensive manual paper-based operations, customers visiting MSB can now enjoy fully online processes with a high degree of automation.
The entire range of procedures, from registration and approval to appraisal, disbursement, or issuance, can now be seamlessly executed on MSB’s digital platform via internet-connected electronic devices. Furthermore, the successful digitization of processes and procedures has resulted in improved efficiency and reduced time for customers to access and utilize products and services compared to traditional methods.
For instance, individual customers can effortlessly register for loans with limits of up to 100 million Vietnamese Dong within just 5 minutes through the MSB website, without the need to provide income verification. This product stands as a significant step towards perfecting the ecosystem of personal financial transactions, creating a seamless loop encompassing account opening, product issuance, and management of financial instruments such as payment cards, credit cards, and loans.
Business customers can also benefit from expedited services, including super-fast unsecured loan services up to 15 billion Vietnamese Dong or comprehensive credit up to 200 billion Vietnamese Dong. These services are easily accessible through the MSB website, allowing customers to submit online applications in just 4 simple steps, eliminating the need to visit a physical branch.
Thanks to MSB’s swift loan approval process, which takes only 3 working days, the bank has firmly established itself as a frontrunner in the market by fully digitizing the loan lifecycle. Notably, numerous financial transactions that previously required in-person visits can now be seamlessly conducted online, encompassing activities such as account opening, tracking loan application status, disbursement, international payments, foreign currency exchange, and enjoying up to 60 points of preferential benefits.
Strong Growth
MSB has been successful in implementing digital transformation
MSB’s commitment to adopting modern and efficient financial solutions that accurately cater to customer needs has been pivotal in driving strong customer growth. As of the end of 2022, MSB proudly served over 4 million individual customers and nearly 72,000 corporate customers.
The number of individual customers utilizing digital banking channels witnessed a remarkable 57% increase compared to the corresponding period in 2021, while the number of new customers onboarded through eKYC (electronic Know Your Customer) for individuals and businesses experienced impressive growth rates of 85% and 259% respectively.
To enhance the quality of digital products and services, MSB is gradually implementing the Straight-Through Processing (STP) program, which automates the entire process from end to end. This program allows customers to self-process transactions completely online, making it easy for them to access banking products and use various services without complex procedures or assistance from staff.
From 2023 to 2025, MSB will continue to invest nearly 2,000 billion Vietnamese Dong in the technology sector, aiming to achieve 70% to 80% of transactions conducted through digital channels while reducing the product launch time to 4 weeks per product.
Digital transformation is bringing comprehensive changes to all areas of MSB’s operations and serves as an important foundation for the bank’s goal of becoming the best service-quality bank based on a modern digital platform. It aims to enhance the customer experience of financial products and services as well as business operations. The “Outstanding Digital Transformation Bank of 2022” award once again recognizes MSB’s efforts in pioneering innovative solutions and contributing to the development of Vietnam’s digital economy.