- December 22, 2020
- Posted by: Đào Nhật Minh
- Category: Hyperlogy news, Press news
2020 is a challenging year for the banking sector. COVID-19 and unfavorable factors such as natural disasters and floods have generated significant instability and high volatility in the operations of the entire banking system. However, the banking industry has “turned risks into opportunities” and overcome difficulties thanks to policies promoting digital transformation.
In November 2020, credit growth increased by 7.26% compared to the same period in 2019, irrecoverable debt at the end of September 2020 remained around 1.77%, profit of many banks still stayed at high level.
According to statistical reports produced by the State Bank of Vietnam, there are 95 credit institutions that are developing or planning to develop digital transformation strategies in business development and 39 credit institutions that have approved these strategies. In addition, 42% of credit institutions are developing digital transformation strategies.
Research conducted by the State Bank on the expectation of benefits from digital transformation show that 82.5% of credit institutions expect revenue growth of at least 10%, 58.1% of those organizations expect over 60% of customers to use digital method, and 44.4% of those institutions expect customer growth rate to reach over 50% in the next 3-5 years.
In an interview on Forbes Vietnam, Mr. Luu Trung Thai, CEO of Military Commercial Joint Stock Bank (MB), shared: “In the banking operation, digital banking is a new business model. But most banks are rather inactive. MB prioritize the first stage of connection and interaction”. Mr. Thai continued: “Due to fierce competition in the banking industry, banks still have to change or the others will take the advantage“.
In 2017, MB and Hyperlogy worked together to implement SMART FORM. This solution helps the bank to save more than 80% of the time and increase labor productivity by five times. Specifically, it only takes 3-5 minutes (excluding waiting time, scanning & approving documents) to make a transaction for new customers, including opening accounts, cards, registration, in contrast to previous value added services (SMS / Internet / Mobile banking) which took 20-40 minutes to perform this transaction. Thanks to this solution the transaction time has been shortened, therefore the experience as well as customer satisfaction has been improved.
After 1 year of implementation, Smart Form has made a great contribution to a significant increase in the sales of individual customers that accounts for 40% of total revenue and redressing the balance between individual customers and corporate customers at MB.
Hyperlogy proudly contributes to digitizing services with the SMART FORM solution – a core component in the digital banking ecosystem named Smart Digital Bank that helps MB grow. SMART FORM is also a solution deployed by Hyperlogy for An Binh Commercial Joint Stock Bank. Moreover, this solution achieved the 2020 Sao Khue Award for Top Excellent Products / Services in Banking, Finance, and Accounting.