On April 17, the Banking Academy - Phu Yen Branch and more than 60 people's credit funds (PCFs) nationwide jointly organized a seminar on the topic: "Digital transformation solutions for PCFs".
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| The digital transformation process at QTDND is currently quite slow compared to other credit institution models. |
At this seminar, many QTDND expressed their desire to have an automatic online transaction application (similar to the mobile apps of the commercial banking system but smaller and simpler) to promote digital transformation of operations at funds.
Mr. Nguyen Van Quang, Deputy Director of QTDND Ward 2, Bao Loc City, Lam Dong Province, said that currently, the demand of customers and members of funds for using online payment methods, loan transactions, and online savings is very large. However, most of the transactions of the fund Ward 2, Bao Loc City must be done manually. Therefore, the fund really wants to coordinate with suppliers to form mobile Apps to improve customer experience and increase the efficiency of mobilization and lending activities.
Ms. Nguyen Thi Bich Thi, representative of QTDND Ninh Hoa, Khanh Hoa said that over the past two years, this fund has nurtured the idea and focused all resources to build an online App. The unit has contacted dozens of partners who are technology software providers to discuss and consult on the process. However, the biggest difficulty is that the cost to invest in Apps is too large compared to the capacity and scale of QTDND. Normally, the price to build a separate App for QTDND quoted by technology providers ranges from 150 million VND to less than 1 billion VND. "Some large units and corporations such as FPT can cost up to 1 million USD. This level is something that a QTDND cannot afford," Ms. Thi commented.
The representative of Dong Sai Gon People's Fund informed that the fund has started to build a separate App to convert the transaction form from direct to online. However, the big difficulty is changing the habits of members and the cost to change corebanking. Recently, Dong Sai Gon People's Fund has made a proposal to the Vietnam Cooperative Bank (Co.op Bank), proposing to share corebanking to support the People's Funds to build online Apps, but there has been no response. Because many People's Funds hope that Co.op Bank will consider the proposals of member funds, thereby providing more active support to help the funds transform digitally.
From the side of enterprises providing software and online applications, Mr. Nguyen Thanh Tung, Director of iSEAS Company, said that the demand of QTDND for building online Apps is very large. However, for funds to be able to do this, there needs to be a roadmap and active support from Co.op Bank, the local banking sector and technology partners.
According to Mr. Tung, with the current technological potential and connectivity, suppliers like iSEAS can completely create an App for the entire QTDND system in Vietnam. It has full features such as: automatic connection with the software for managing fund activities, providing information on interest rates for mobilization and lending; looking up loan and deposit information; paying principal and interest; allowing online savings deposits...
Mr. Tung said that when this shared app is completed, QTDNDs can register for membership, open accounts on the app to conduct transactions with customers. The shared app will operate as a highly secure platform and costs will be shared at each level depending on the scale and usage level of each QTDND, so it will be very economical in initial investment for the funds. However, to do this, the technology provider needs to connect with commercial banks, payment intermediaries and relevant localities and agencies. From there, completing the new legal documents can work directly with each QTDND to coordinate implementation.
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