Faster and more convenient banking services can boost financial inclusion and gain loyal customers amid competition from neobanks.
In its plan to support continued growth and enhance its services to customers, a major bank in Vietnam has embraced more digital transformation by appointing a financial technology firm.
With a network of more than 1,000 branches and transaction points nationwide, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) provides a full range of banking, insurance, securities, and investment services to businesses and consumers across the country.
To facilitate continued growth, BIDV needed to upgrade its core banking system to an open, scalable solution that can provide a flexible platform for the future. Its CEO Le Ngoc Lam said: “It is imperative for the bank to not only offer various banking products and services to our customers in an excellent and timely manner, but also to optimally improve other operational criteria. The FIS solution will enable the bank to offer scalable banking services to enhance customer satisfaction and continue its strategic business growth in the region.”
Lam was referring to the financial technology firm FIS’ core banking solution, a highly scalable platform that can support advanced digital product and service offerings for its clients. The platform will also enable the bank to enhance risk and fraud management, automate previously manual processes, and comply with changing regulatory requirements.
According to FIS’s Group Managing Director (Asia Pacific) of Banking Solutions, Kanv Pandit: “In an environment of anywhere, anytime banking, customers are demanding new levels of convenience and ease-of-use in how they access and manage their finances, and to keep up, banks need to invest in the latest technologies and ensure they have a flexible platform for future growth. We are delighted to have partnered with BIDV to help them provide an innovative and better experience for their customers.”