Truong Nam
The Saigon Times Daily: Currently, what do you see happening on the retail banking market?
– Mr. Rahn Wood: Development of the local retail banks in Vietnam is an ongoing trend. As a developing country, Vietnam has low average income, moderate adoption of banking services, whilst its people’s financial needs and demands for payment services have increased extremely fast. Therefore, it is sure that the retail banks of Vietnam will develop strongly over the next decade.
The retail banking market in Vietnam has been extremely competitive among more than 100 credit institutions, especially 48 commercial banks and 53 branches of foreign banks, 28 non-bank credit institutions, two micro-finance institutions and a system of people’s credit funds including one cooperative bank and 1,414 grassroots funds.
Consumer loans (home, auto consumers) and household business loans (personal business) will continue to be boosted. Banks will also focus on promoting the service of payments via card by linking with merchant systems such as game companies, online purchases, electricity/telecom bill payment and supermarkets.
Of course in recent times there have been some economic challenges and we are hopeful that there will be further progress to improve the health of some of the banks that have faced the most difficulties and that consumer confidence in the banking system will return to its usual levels.
In 2015, the retail market is also considered an attractive market for foreign banks who may seek opportunities to participate effectively in Vietnam. In short, the retail banking in Vietnam is not only a challenge, but also an opportunity for those who are willing to invest.
What are you focusing on to change VIB’s retail banking service?
– We are now continuing to build up electronic payment channels and educate consumers, business owners; focus on helping consumers build up their wealth through differentiated products and services; direct lending to the segment of customers and businesses with good and stable incomes. Besides, we create simple, customer-friendly and convenient processes; deliver products and services in innovative ways suitable to the needs of Vietnam’s youthful population; and improve both staff professionalism and service quality.
Northern banks have never recorded success in the southern retail banking market, which is the largest market in the country. How do you comment on this?
The history of development is clearly reflected through the distribution of branches and transaction offices. Initially, northern joint stock banks developed well; therefore, they have focused their investment in the north. However, it is clear that the State-owned banks, many of which are headquartered in the north, also have a predominant position in the southern market.
Over recent times some joint stock banks including VIB have effectively increased their physical presence and customer bases in the south. This is an ongoing process.
What makes you confident that VIB’s retail banking services are special and attractive to customers?
– At VIB, we pay special attention to service quality. Service quality here does not mean the service must be the best or most perfect, but we focus on innovation and improvement. We put customers at the center of our attention, welcome their ideas and feedback. Then we will base on their needs and expectations to improve our services better and better.
In late 2013, we cooperated with AC Nielsen (a research company) in researching customers’ satisfaction about staff. The results show that most of the interviewed customers have highly appreciated our staff thanks to their friendly attitude, enthusiastic advice and rich knowledge. In addition VIB also plans to deploy a range of innovative products and services in the coming time.
Please say about the products that you are bringing to customers?
– With a variety of products, VIB desires to meet customers’ diverse needs with the best features: current account, deposit, credit, internet banking, card services…. However, we are focusing on three main areas: internet banking, deposit, and lending; more importantly, we have been making restless efforts to provide more added value to customers.
On the occasion of offering loans at preferential lending rates from 9.99% p.a for 12 months to individual customers, we also introduced a micro site: http://ift.tt/1f5x3vk, which is a comprehensive counseling website for bank loans. It provides customers with full information for a complete borrowing plan, including information about real estate and cars of VIB’s partners, and up-to-date information about the bank’s relevant offers. In addition, the tool “make a borrowing plan” at vaychinhdang.vib.com.vn will help customers calculate monthly interest amount and loan amount so that they can make the most appropriate borrowing decision.
All customers want to get maximum benefits from bank products that they are using. Therefore, at VIB we think that we must provide our customers with the highest value along with the bank’s development. Our service from the heart will help to achieve customers’ goals and aspirations. With professional staff including relationship managers we endeavor to bring customers through the process of understanding and using financial services more satisfying.
Đăng ký: VietNam News
