List of transforming digital banks that have the most users in Vietnam

Through the article Top 3 digital banks in Vietnam, we understand the definition of digital banks and the top 3 names in this field.

In addition to the top 3 digital banks mentioned above, how many digital banks have been established and grown in Vietnam in recent years? Let’s find out with FinFan the answer.

VCBDigitalbank (Vietcombank digital bank)

As one of the big 4 in the banking industry, Vietcombank has been building up a huge number of customers in the Vietnamese market.

However, with the development of technology along with the explosion of digital banks, Vietcombank must also jump into this game if it does not want to be surpassed in the market.

The expansion of the digital banking industry is also a big step for Vietcombank in transforming technology and getting closer to young customers who are currently potential customers in the market and updating technology very quickly.

The special thing about vietcombank is that although they are targeting a new segment, they still do not change their brand name on those products and services (maybe their team has developed this digital banking segment themselves).

LiveBank by TPBank

TPBank was established by DOJI Corporation and some other big shareholders like FPT Capital. TPBank is the first bank in Vietnam to apply the live banking model (virtual bank branch) with only 1 virtual staff on duty at the counter to talk to customers through a computer screen and all transactions are completed through operations on an online computer.

After 14 years of development with technological breakthroughs, TPBank is now being welcomed by many young people because of the convenience of the services it brings.

Now, you can create a bank account with your own phone number without having to remember any other numbers or just one touch to perform transactions, pay the entire invoice without going through any other intermediary, etc.

Orient Commercial Bank (OCB)

Orient Commercial Bank (OCB) was one of the first banks to apply for a digital transformation journey in Vietnam with the hope of significant enhancement of the customer experience.

Digital transformation has allowed OCB to assemble its complete suite of products and services on one single platform that the customers can access seamlessly.

Forty-five percent of our credit cards are being sold exclusively through digital channels. And OCB is now selling insurance as well as investments through our mobile app – the OCB OMNI platform.

Vietnam Prosperity Joint Stock Commercial Bank (VPBank)

VPBank is also one of the banks participating in the digital transformation war in the banking industry. Not only that, but they are also one of the first big players to invest in other emerging digital banks and create interesting games in the market.

Most recently, the digital bank in which they have invested, Cake has partnered with Be to create a leading technology ecosystem in Vietnam and compete directly with some other competitors in the market such as Grab, Gojek, etc come from abroad.

Vietnam Technologies and Commercial Joint-Stock Bank (Techcombank)

Techcombank is also a leader in the transformation of digital banking with many new features on Internet banking and Mobile banking. With an aim to provide customers with a superior banking experience with speed, convenience and efficiency through digitization transformation.

*Besides, Techcombank aimed to continue simplifying and digitizing key processes to improve service quality and increase customer benefits. For example, the digitization process of the M + project (personal home loan application) shortened the processing time on the system to just over 200 minutes. The total operating time of a single account for successful loans could only take three to four days, and customers could actively access and manage their loan records.

With modern products, Techcombank has the ability to provide utilities to customers’ needs. So, this bank has received the trust of consumers as well as the appreciation and recognition of organizations and professionals in the financial field. Recently, Techcombank was honored to receive the Best Banking Award in Vietnam 2016 by Alpha Southeast Asia and Asia Finance.*

*Sourced by InnoTech

This article was curated and authored by FinFan's market research and development team, alongside our marketing department.

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