Vietnam’s Digital Revolution So Far

Vietnam is one of the fastest growing countries with a strong potential for rapid digital economic development. This was, however, not an overnight feat. The Department of Digital Economy and Digital Society set things in motion with several initiatives to digitally transform the country, including the National Digital Transformation Programme established in 2021. Due to which, the ICT economy, platform digital economy, and sectoral digital economy have all seen growth in 2022, according to Vietnam’s Department of Digital Economy and Digital Society.

Vietnam’s steady digital transformation is also due to the transformation of their fintech sector which spiked the country’s Gross Merchandise Value (GMV) from 18 billion USD in 2021 to 23 billion USD in 2022. With a goal to continue the growth, the Vietnamese authorities have made it explicit that there will continue to be plans in motion fostering the digital transformation of their banking industry.

Digital innovation in the country continues to grow with digital banking services and mobile banking developing at a dizzying speed, helping their young customers have improved experiences.

Understanding Vietnamese Banks’ Needs

Today, there are banks that are going the extra mile to ensure great customer experience. They are exploring avenues that can be explored that can offer a seamless banking experience.

In Vietnam, Small and Medium Enterprises (SMEs) are offering more than 70% of the country’s employment. Aligning themselves to the National Digital Transformation Programme, they are also rapidly adopting industry 4.0 technologies. SMEs are crucial for the country’s digital economy and needless to say, they are also Vietnamese bank’s biggest customers.

SMEs business owners are constantly on the lookout for banking applications that are seamless, reliable, and can bring them peace of mind. A problem they oftentimes run into is having to switch between applications while going from their retail account to corporate account. What they need, perhaps, is a unified platform where they can carry out their corporate business but also use their personal account as well. But can there really be a unified platform that Vietnamese banks can offer their customers where all the corporate features are integrated along with smart retail banking solutions?

How Clayfin Can Bridge The Gap

Clayfin has always strived to elevate customer experience. What Vietnam’s young, next-gen customers need is Clayfin’s smart revolutionary banking solutions. Clayfin offers a wide range of corporate banking, retail banking, and NBFC, personal finance management, digital onboarding, and more solutions that can take your customer’s banking experience to the next level.

After extensive studies and understanding the needs of Vietnamese banks, Clayfin has sketched an outline for a new platform that can make banking even easier. On this platform, customers would be able to carry out their corporate banking transactions, like paying their vendors, paying off overdraft balance, and more. While also being able to use their personal banking account where they can shop for gifts or pay for expensive meals.

With flawless programmes set in place, the Vietnamese government is constantly analysing, rectifying, and redefining the type of digital economy they want to build. As a key driver of this transformation, it’s time that banks start adopting smart capabilities to cater to their customers’ needs. Smart solutions such as a unified platform for retail and corporate banking can not only elevate customer’s banking experience but can also increase brand loyalty.

But the question is, for a customer experience that stands apart, would you bank on an idea like ours? Reach out to us, if it’s a yes, at Clayfin.

Do Thi Huong Tra

Do Thi Huong Tra, Vietnam Country Manager at Clayfin, is an accomplished International Banking Technology Executive driving digital banking strategies to fortify Vietnam's banking system. With a focus on innovation, Tra implements cutting-edge solutions to enhance efficiency, positioning herself as a key influencer shaping the future of banking in the region.

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