Sacombank crowned top Bank of the Year award in Wholesale Banking Awards
It was hailed as Vietnam Domestic Technology & Operations Bank of the Year by Asian Banking and Finance.
Sacombank has grown to be one of the leading banks across Vietnam. Riding the wave of changes needed during the pandemic, this spearheaded changes that became beneficial to the development of the bank in the past year.
In an interview with Asian Banking and Finance, Sacombank said that many new digital customers have formed which were very different from the previous image of the bank in terms of gender, geography, and needs. This required the bank to have a deeper understanding of customers based on the collected data.
Since then, the business model has also changed in the direction of focusing on building an ecosystem, expanding connections through APIs, and empowering customers to actively perform transactions on their own digital channels or at branches.
It revised its customer-centric strategies where it provided the most suitable products and services, saving costs, and many benefits when participating in promotions, discounts, or 0% interest instalment programs, among other offerings.
Sacombank constantly improves and diversifies its products and services, whilst at the same time focusing on developing digital technology solutions. It seeks to increase experience and convenience for customers, thereby affirming its position as a pioneer bank business in Vietnam.
Core products such as Credit are diversified from medium and long-term capital financing for small and medium-sized enterprises to supplementing working capital, overdraft, guarantee, and project investment. Specialised eCombo account service packages were also launched to meet all account transaction needs suitable for each business segment.
Sacombank likewise launched Business cards catering to different market segments, such as the Sacombank Corporate Card, and partnered with Visa to launch the Business Card Spending Reporting Solution.
In December 2021, Sacombank launched the first set of Sacombank Mastercard corporate card products on the market, including two lines of payment cards and credit cards with two classes World and Platinum.
On top of this, milestones were reached by Sacombank for big transactions and credit solutions were introduced to accompany customers in overcoming the COVID-19 epidemic.
For businesses with large amounts of receivables and payables and an extensive distribution agent network, Sacombank provides outstanding cash flow management services.
In August 2021, Sacombank launched Deploying an international payment transaction lookup service via SWIFT GPI, helping businesses track the status of payments, ensure information transparency, fast transactions, and save costs.
In granting the award, the judging panel took into consideration three achievements attained by Sacombank in the past year.
First is that it was able to launch Sacombank Pay, a smart financial application that integrated modern baking features.
Second is that it successfully upgraded its T24 core banking system from version R11 to version R17. This, whilst also implementing the LOS solution that provided digitization and automation of the appraisal and approval process.
Third and lastly, it utilized artificial intelligence using a Chatbot, robot technology, and Operation Network Security Operation Center with international standards.
The bank continuously adds to the ecosystem of digital solutions to improve modern banking services for businesses to help optimize operations and save time and costs.
According to the company, more than 123,000 corporate customers have registered for the Internet Banking service, and it has built a digital transformation roadmap in which comprehensive digitization and all aspects of the Bank's operations and products are digitized.
The company won the Vietnam Domestic Technology & Operations Bank of the Year in the recently concluded Asian Banking and Finance: Wholesale Banking Awards.
The annual awards programme honours outstanding banks that have introduced groundbreaking wholesale banking solutions, products and services that proved to be industry game changers.