According to Mr. Luu Trung Thai - Chairman of MB Board of Directors, instead of investing a large amount of money right from the start, businesses need to test the first phase.
The 2023 Business Forum with the theme "Innovating the growth model" took place on August 17 in Ho Chi Minh City, organized by Forbes Vietnam. In the discussion session "New challenges - New opportunities", Mr. Luu Trung Thai - Chairman of the Board of Directors of MB Bank gave his views and opinions on the application of information technology in business operations.
Mr. Luu Trung Thai - Chairman of the Board of Directors of MB Bank shared at the event. Photo: MB Bank
Responding to the digitalization orientation, Mr. Luu Trung Thai affirmed that he had soon realized that digital transformation was a great opportunity for the bank, a matter of survival for every organization. Therefore, the bank has focused on investing systematically in digital transformation in the past 5 years. "Currently, the definition of MB is not simply a bank, we want to become a digital enterprise," said the Chairman of MB's Board of Directors.
He shared that MB determined that digital platforms will account for about 50% of revenue in the next 4 years. Currently, they account for about 20% of revenue. MB is serving more than 23 million customers, with a transaction rate on digital channels reaching over 95%.
With those numbers, when asked about the investment strategy for digital transformation, Mr. Luu Trung Thai said that digital transformation starts with small experiments instead of immediately investing a large amount of money from the beginning. "After each experiment is a testing phase. If the desired results are achieved, then we will move on to larger investments," said Mr. Thai.
Discussion session "New Challenges - New Opportunities" at the 2023 Business Forum. Photo: MB Bank
Investors in digital platforms and data, over the past 5 years, MB's branch size and number of employees have not increased, but profits have still increased by 18 - 25%. "This shows that the bank's labor productivity has increased significantly," Mr. Thai emphasized.
In addition, digital transformation also helps MB "serve customers with completely different experiences". With two digital platforms, MBBank and BIZ MBBank, and the intelligent automatic banking system MB SmartBank, customers can perform most transactions without having to go to a branch or spending a lot of time like the traditional process.
Also at the 2023 Business Forum, MB was honored by Forbes Vietnam as one of the 50 best listed companies in Vietnam in 2023. "MB is one of the private joint stock commercial banks with the most impressive growth, which is why MB is on this list for the 9th consecutive time," said a representative of Forbes Vietnam.
Lan Anh
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