UK-based fintech Finastra announced last week it was selected by the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to drive its digital transformation initiatives. Finastra reported its technology will streamline and automate Vietcombank’s operational processes and improve overall customer experience to enhance loyalty, increase domestic market share and capture growth opportunities in a new era of digital banking. Dao Minh Tuan, Deputy Chief Executive Officer at Vietcombank, stated:
“Technology is reshaping the banking industry in Vietnam and the way customers expect to interact with us. The increasing rate of internet penetration in Vietnam, as well as a booming young population that seeks a convenient, accessible and efficient banking experience, means enhancing our digital capabilities is essential. These digital solutions from Finastra enable us to digitalize trade finance operations, as well as the management of client relationships, increasing the value of our services to a digital-savvy generation and unleashing new opportunities for revenue growth.”
One of the initiatives, Fusion Trade Innovation, offers an automated and centralized trade finance solution that will fundamentally transform Vietcombank’s front-to-back operations. In removing complex banking processes and creating the flexibility and agility needed to capture a greater market share in an evolving business landscape, Vietcombank will be able to differentiate itself with enhanced service quality and customer satisfaction. Nadeem Syed, CEO at Finastra, commented:
“Vietnam has experienced some of the fastest economic growth in the world in recent years. As it continues to gather pace, banks are looking for digital technologies to drive efficiency and better serve customers. Our solutions will support Vietcombank’s transformation journey as it seeks to meet customer demand and continue its growth.”
Finastra added that the Fusion Trade Innovation is delivered as a front to back solution in unison with Fusion Corporate Channels providing digital self-service via a corporate-centric online or mobile application. Customers will be able to gain a 360-degree view of their transactions with a single point of access, allowing them to optimize working capital and automate administrative tasks and transaction inquiries.