TYM promotes the application of technology in lending

In recent times, keeping up with the development trend of technology 4.0, the Charity Microfinance Organization (TYM) - Thanh Hoa Branch has promoted the application of digital technology in credit activities. Thereby, not only providing advanced products and services, but also saving maximum time and travel costs for members and customers, contributing to the implementation of the national comprehensive financial strategy.

TYM promotes the application of technology in lending activities TYM staff, Transaction Office 02, Sam Son City, guide customers who are members to download the APP and install it on their smartphones.

Following the staff of the TYM Transaction Office - Thanh Hoa Branch, we went to the phone store of Ms. Le Thi Hien, a TYM member at cluster 64 in village 2, Quang Hung commune, Sam Son city. Ms. Hien said that before, when the savings and loan repayment deadline came every week, she had to go to the transaction point to pay, but in May 2023, she was informed by the TYM staff of transaction office 02, instructed to install and use the TYM Mobile application on her smartphone on the form of collecting savings, repaying principal and interest of loans and spending savings through a TYM account. She found it extremely convenient and registered to deposit money through the account. After a period of use, she found that the TYM Mobile application met most of her needs, such as wanting to check the loan and savings ratio, she just needed to open the application to get the information. Currently, she is borrowing capital for economic development with a term of 50 weeks, with the principal and interest payment being 1,085,000 VND per week. She finds that depositing money into a TYM account helps her to be more proactive and save a lot of time compared to before.

Having been a member of TYM for more than 10 years, Ms. Doan Thi Hoa, a TYM loan customer at cluster 17, Son Thuy quarter, Truong Son ward, Sam Son city, has never found accessing credit as convenient and convenient as it is now. Ms. Hoa said: “I borrowed a multi-purpose loan with a term of 52 weeks, the monthly principal and interest repayment amount (4 weeks/time) is 4,227,000 VND. Previously, to pay the principal and interest every month, I had to go to the transaction point at the neighborhood cultural house to pay, and many times I even forgot to pay the interest because I couldn't remember the date, affecting the cluster organization. Since the cluster management staff promoted the deposit into the TYM Mobile account on the smartphone I registered to use. I find that cashless payment has many advantages compared to paying cash at the cluster, helping me save time and is safer than paying cash at the cluster transaction point.

Head of Transaction Office 02 TYM - Thanh Hoa Branch Le Thi Lien said: The transaction office currently has 4,860 members in Sam Son City. In the second quarter of 2023, the transaction office deployed the TYM Mobile application so that members can access and apply digital technology quickly and effectively. The office's staff proactively advised and directly guided members to download the APP and install the TYM Mobile application. Along with that, the office's staff also promoted and guided members through zalo and facebook groups; advised and guided members to register, install the TYM Mobile application, deposit money into TYM accounts at cluster transactions, capital distribution... so since deploying the TYM Mobile application, the office has promoted and mobilized 1,500 members to download the APP; 1,011 members registered to transfer money via account; 1,000 members made non-cash payments. Since applying digital technology to credit activities, phone calls from members and customers asking about information on debt balances and savings have been minimized. In addition, the department's staff can access information on customers under their management, loan and savings information, and receive and process customer requests fully and quickly.

Director of TYM - Thanh Hoa Branch Nguyen Nhu Dien said: TYM - Thanh Hoa Branch has attracted 27,509 members to participate in activities in 94 communes, wards, over 8 districts, towns, and cities with a total capital disbursement of 781,560 billion VND, savings surplus of 244,083 billion VND; disbursed 621 loans equivalent to 18,555 billion VND of capital to support poor, near-poor, and disabled households. In order to help members access financial services through the application on smart TYM Mobile application devices and closely follow the directives of all levels and sectors on the application of digital technology in credit activities, TYM - Thanh Hoa Branch has promoted propaganda about the role and benefits of cashless payments, TYM Mobile application in monitoring loans, interest payments, and savings deposits. At the transaction sessions, TYM staff proactively provided direct support and advice, created zalo and facebook groups, and posted videos instructing on how to install and use the TYM Mobile application on mobile phones.

Currently, there are 4,700 customers and members of TYM - Thanh Hoa Branch using the TYM Mobile application and cashless payments on smartphones. However, the current difficulty is that most of TYM customers are elderly, small traders, freelancers, shy and slow to get used to technology applications for payment and transactions. Through the pilot period of cashless payments, TYM staff had to spend a lot of time and effort to mobilize, advise and guide members to use the bank's APP for payment. However, the effectiveness of cashless payments is also more obvious. If only half of the members of each cluster pay via account, it will help reduce half of the time spent collecting money at the clusters by the cluster leaders and TYM staff. In particular, the collection and payment service via bank also creates transparency, increases accuracy when members pay directly via account with clear amounts, transaction dates and times, without confusion.

Article and photos: Tien Dat

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