MB pioneers digital banking ecosystem

With strong investment in technology, the Military Commercial Joint Stock Bank (MB) is the market leader in labor productivity and number of customers. In the coming time, MB will continue to expand the digital banking ecosystem, develop sustainably in parallel with the national development momentum, promote the qualities of Uncle Ho's soldiers in the new era. Conducting 6.5 billion transactions on digital channels According to Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong: Resolution of the 13th National Party Congress has set out the viewpoint of developing a digital economy, digital society, and digital citizens. It requires developing modern digital infrastructure, ensuring network security, information security, and enhancing Vietnam's proactive capacity and mastery of technology. For the banking industry, the Party Executive Committee and the leadership of the SBV have taken drastic measures. In particular, reviewing and perfecting the legal framework, creating conditions for the banking system to apply technology and promote digital transformation; Developing digital banking models, providing safe and convenient banking services, increasing convenience and experience for customers... Promoting that spirit, the digital transformation process at MB shows clear results: From 5 million customers in the first 25 years, the number of MB customers has increased to 26.5 million customers in 2023 and reached 30 million customers to date, equivalent to 30% of Vietnam's population, approximately 50% of people of working age. On average, MB serves nearly 17,000 new customers every day. Sharing about the highlights of MB's digital transformation activities, Mr. Vu Thanh Trung, Vice Chairman of MB's Board of Directors, said: "In 2024, MB will help customers make 6.5 billion transactions on digital channels. Of which, the MBBank application alone recorded 20 million transactions/day, with a stable, safe and secure system. The number of customers transacting on MB's digital channel currently accounts for about 96.7%, with a successful transaction rate of 99.96%; maintaining the top 1 position in the scale of NAPAS (National Payment Corporation of Vietnam)".

MB staff advise customers on digital banking services on the MBBank application installed on their phones. Photo: THU HIEN

With the motto of "customer-centric", constantly developing products as well as researching approaches suitable to users' tastes, MB has gradually become the leading bank in terms of customer scale. In order to enhance customer experience, MB pioneered the development of a super application including more than 200 mini apps (small applications) integrated on the MBBank application. Customers can perform banking transactions anytime, anywhere with just a smartphone. With one login to the MBBank application, customers can easily perform many different transactions such as: Online loans, savings deposits, bill payments, hotel bookings, airline tickets, telecommunications, online shopping, charity... In order for customers to have a smooth experience on digital banking, Mr. Vu Thanh Trung added: “MB has invested heavily in the information technology system with an amount of approximately 50 million USD/year, allocated to 3 main areas: Building technology infrastructure, training human resources and implementing automation projects with 2,000 IT personnel, accounting for 10% of total personnel. AI (artificial intelligence), Machine Learning (machine learning), Deep Learning (deep structure learning) technologies are integrated into customer care and internal operations to automate service delivery and risk control processes. In addition, MB applies maximum experimental sandbox mechanisms (pilot institutional frameworks), especially for unsecured loan products at the bank". Along with investment and technological innovation, MB always focuses on keeping customer information safe and secure through the application of advanced technology and multi-layered security. MB has closely coordinated with the Department of Cyber ​​Security and High-Tech Crime Prevention (A05) - Ministry of Public Security to continuously update information on fraudulent accounts, helping customers to be warned immediately if they are about to transfer money to an account on the suspect list. This not only protects customers but also contributes to preventing the activities of fraudulent subjects. In addition, with the App Protection solution on the MBBank application, users are warned when their mobile devices show signs of being attacked by external factors, causing loss of control of the device leading to the risk of losing money in the account and are notified if there is malware, spyware or unsafe devices due to unauthorized intervention or remote control from other devices. Responding to practical requirements Talking to reporters, Dr. To Hoai Nam, Member of the National Council for Sustainable Development, Permanent Vice President and General Secretary of the Vietnam Association of Small and Medium Enterprises (VINASME) assessed: “MB's direction of promoting digital transformation of banks is very correct, responding to practical requirements. Through that, it creates a large space for customers, saving time and costs. At the same time, it positively impacts customers' consumption behavior, creates competitiveness, and encourages other banks in the system to participate in the digital transformation process”. Dr. To Hoai Nam also emphasized that MB has a big difference from other commercial banks, which is the military spirit, military discipline, and solid potential, so it will have favorable conditions to focus on and enhance digital transformation. Besides, MB is also a commercial bank with a certain reputation in the market. People and businesses have a lot of sympathy for the Army, so it is necessary to exploit and further promote the MB ecosystem to better meet the needs of customers. In particular, MB needs to pay attention to areas with room for growth such as: Small loans for small businesses and business households can be conducted on digital channels based on credibility and debt repayment revenue; funding for businesses participating in the digital transformation process and technological innovation; loans related to innovation... Recently, at the Conference to issue a resolution on leadership in implementing the tasks of the MB Party Committee in 2025, Senior Lieutenant General Huynh Chien Thang, member of the Party Central Committee, Deputy Chief of the General Staff of the Vietnam People's Army, directed the MB Party Committee to continue: Focus on improving the qualifications of professional staff, fair competition, and appropriate business; focus on digital transformation, develop modern banking, coordinate well with military enterprises, and perform well assigned tasks; strive to become a leading financial group, with the motto of sustainable growth and green banking... Informing about some key tasks in the first 6 months of 2025, Colonel Luu Trung Thai, Party Committee Secretary, Chairman of the Board of Directors of MB shared that MB will continue to improve its information technology capacity to meet the bank's business strategy and promote digital transformation throughout MB. Increase cross-selling capacity between MB and member companies, and between member companies; put the operations of Vietnam Modern One Member Limited Liability Bank (MBV) in order from the beginning, exploiting the maximum advantages. Source: https://www.qdnd.vn/kinh-te/cac-van-de/mb-tien-phong-he-sinh-thai-ngan-hang-so-810471