BIDV received the award 'Best Retail Bank in Vietnam'

BIDV leads in market share of deposits and loans in the retail banking group; 50% growth in individual customers, bad debt control, receiving awards from The Asian Banker.

The award "The best retail bank in Vietnam" was presented within the framework of the Excellence In Retail Financial Services Global Awards Ceremony 2024. The program was held in Korea on March 7. The bank's leaders said that BIDV is the only bank in Vietnam to receive this award 9 times thanks to many outstanding business results.

Ms. Nguyen Thi Quynh Giao, Deputy General Director of BIDV received the award from The Asian Banker. Photo: BIDV

In 2023, BIDV will build a flexible, customer-centric business strategy. The unit will research and deploy a service model based on customer segments, promote new sales models, and build product and service packages suitable for customer characteristics. The bank will also focus on digitizing its operational processes and bringing products and services to digital channels.

Thanks to that, in the retail banking group, the unit achieved the leading credit balance scale in the market; the bad debt ratio was well controlled. Capital mobilization from the population at the end of the period increased by 15%, in which demand deposits continued to increase steadily. The digital personal customer base grew by 50% compared to 2022, the number of newly issued international credit cards increased by 75% - setting a new record.

After 67 years of development, BIDV has identified digital transformation as a key strategy to increase satisfaction and better meet customer needs. In September 2023, the unit successfully converted the core banking system (Core Banking Profile), marking a major shift in the information technology system. This is the main foundation for a series of key projects: digitizing over 60% of traditional products, developing new features on BIDV SmartBanking.

The unit built BIDV Home into an all-in-one application with a comprehensive online lending ecosystem. The bank simultaneously deployed credit granting on all digital channel platforms with the retail credit appraisal and approval process performed entirely on the RLOS system. Along with developing a digital product ecosystem, the bank also focused on improving the customer experience on multiple channels with many high-tech features.

With the goal of becoming a leading bank and repositioning BIDV Premier as a service for high-end customers, in 2023 the unit signed a strategic cooperation agreement with Edmond de Rothschild - the world's leading financial institution for investment. Through cooperation, the two sides expect to help high-end individual customers in Vietnam use financial services according to international standards.

The bank also focuses on building specialized products and services for high-end customers. This product group includes: Smart Advisory - specialized consulting services; Smart Financing - high-end real estate solutions; BIC Smart Care - high-end health insurance...

Minh Huy

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