More than 10 years ago, banking industry experts identified technology as the decisive factor for products and services of retail banking. That race has been kicked off in Vietnam, with SMART FORM solution for the Military Commercial Joint Stock Bank.
It’s time to quit the traditional service sign-up process
Previously, if there was a need to open a new account, card, or register value-added services of the bank such as SMS / Internet / Mobile banking, customers would have to come to transaction offices and present their custom documents, fill in all papers form. Consultants also struggled with the manipulation of filling in many forms on many different software systems, sending many registration forms to the Controller … then, the Controller has to approve each service, taking a lot of time to input and exchange.
The case is more complicated when a customer opens an account at a branch but wants to move to another branch. Under the old process, the new branch had to contact the account management branch (Home branch) to check information, and receving information to open an account, record a photo copy and send the original to the old branch.
This whole process takes banks in Vietnam 20-40 minutes on average for a new customer to register at the counter (Actual time depends on the number of services that customers register to use) , not including waiting time for check-in, waiting for staff to scan documents, travel time….
SMART FORM solves this problem. Simply, this is a solution to support customers to open payment accounts, cards, SMS Banking, Internet Banking… via phone, internet, and can be done anytime, anywhere.
Instead of going to the bank, customers just sit at home, with an internet-connected device or a call to a counselor. Guests register personal information via the SMART FORM system and receive an appointment to verify the information at the bank.
Military Commercial Joint Stock Bank (MB) has applied SMART FORM to all their branches since May 2017, and get positive results. It only takes an average of 3-5 minutes for the above complicated steps (excluding waiting times, scanning & approving applications), which means saving more than 80% time, equivalent to increased productivity labor 5 times. Not only that, SMART FORM also helps to reduce the risk of errors from hand-filling, simplify the paper storage and customer care.
Senior Lieutenant General, Dr. Le Huu Duc – Chairman of MB Bank said that technologies like SMART FORM are very necessary in this period. MB is aiming to “become the most convenient bank” based on two foundations: “Outstanding risk management and fast execution capacity”, so they are forced to look for suitable technology. “We operate with the motto of breakthrough and effective growth, aiming to enter and remain in the Top 5 leading banks in Vietnam”, Mr. Duc said, “we want to become a dynamic bank, serving many types of customers, focusing on young people”.
Customers benefit thousands of times if the bank applies high technology
In fact, SMART FORM is new in Vietnam but not in the world. International banks such as HSBC and ANZ have adopted this technology in nearly all of their branches. The Australian Government has applied SMART FORM to replace the traditional paper management method. Efficiency in confidentiality and information storage is obviously superior.
For retail banks, SMART FORM is just one of many new technologies which are promising to radically improve services. Hyperlogy – the unit implementing SMART FORM solution for MB, has introduced in detail this solution and a series of other high technologies at the seminars – Retail Banking 2017, Banking Vietnam 2018 – the most prestigious and largest events of the banking industry. Among them, there are Credit Scoring, Risk Analytics, Fraud Detection or Cross-Sell…, these products are developed on new technologies platform such as AI, Machine Learning and Big Data.
Of course, the more intense the technology race are, the more benefits the customers get. In 2017, many banks repeatedly wobbled over stories of customers such as: “suddenly losing money while sleeping” or “evaporating 500 million VND deposited at the bank”. The release of SMART FORM at MB is expected to kick off the race to improve the services of banks in Vietnam.
Contact us to learn more about SMART FORM!