Vietnam banks find ways to approach ‘netisens’

14-Jun-2014 Intellasia | BizLive | 6:00 AM Print This Post

In recent years, most banks in Vietnam have determined to develop the retail banking model. Despite going behind, Vietnam banks have tried to find ways to narrow the gap with the international market.

Great opportunities on the Internet

The 2014 world retail banking report of Ernst & Young (EY) shows that, in Vietnam, customers depend rather heavily on the ATM network and the number of people using Internet Banking is quite large.

Notably, Vietnam customers use the Internet as a regular transaction channel at a rate close to the global one (19 percent uses daily transaction and 31 percent use weekly transaction).

Keith Pogson, leader in charge of Banking and Finance Services of Ernst & Young Asia – Pacific said that Vietnam has similarities with the global trend on choosing and using financial services of customers.

Also according to the report, although customers in the Asia – Pacific region are less interested in the use of counselling services than clients globally, about half of them prefer to receive direct consultation, consultation online and over the phone, but what is surprising is that customers in Vietnam most prefers to use advisory services through Call Centre

Keith Pogson commented, this is an opportunity for Vietnam banks to develop, exploit services and can bring added values such as financial advice or help customers find ways to improve the way of doing business.

Notably, the number of customers who committed to pay more for additional services or accounts if these needs are met in Vietnam had a very high rate, 90 percent and 91 percent respectively.

Banks scrambling to use social networks

One of the directions of the retail banking is to approach the youth who have high demand for consumer purchases, and are also potential customers of the bank. Therefore, many banks have “quickly” look to social networks like Facebook to find customers, and enlisting the opportunities to introduce their products and services.

Searching Facebook, you can see quite many banks such as SeaBank bank, Ocean Bank, HDBank, OCB, VIB, BIDV, Eximbank, SCB, South Asia, Shinhan Vietnam, etc. to appear on this social network.

Some banks have known to use social network as a channel of communication with young people, and often hold contests on understanding of the bank’s services with attractive prizes to attract participants.

However, not all banks know how to take advantage and appreciate communication on social networks. Many banks have only stopped at creating an individual account/fanpages to promote information about the bank passively.

Notably, a number of fanpages of the bank having many people to like is not the bank’s official fanpages, but is established by someone else for his/her own purposes. Among the social network matrix, it is inevitable that customers do not know what the real page is and what the “impersonate” page is to find the exact information.

Meanwhile, the current website of the banks has no place to introduce where the actual fanpages of the bank is. It looks like this is still an experimental playground of some departments in the bank but not the official direction of the management board.

Taking advantage of technology

According to Ernst & Young, the banks’ website is the most important source of information. However, many banks have not taken advantage of this. Reviewing a series of major banks’ website, most of them just stop at mere provision of information, but not the two-way exchange between the customer and the bank.

Recognising this gap, a commercial bank has recently launched an online consultation application (chat). Accordingly, customers may directly interact with the transaction staff of the bank through the chat window right on the bank’s website.

In particular, customers can use available forms to register using the service and send to the transaction staff for handling in the exchange process. All exchange history will be sent to the client’s email to track.

Leaders of the above-mentioned bank said that, though it has just piloted for two weeks, the bank has received more than 2,000 conversations from customers. Currently the number of customers looking to use this application is increasing day by day.

With the increasing growth of Internet users as at present, experts said Vietnam banks need to boost investment further, if they do not want to be left behind in this “technology war”.


Category: Finance

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