Asia Commercial Bank (ACB) has undertaken a wide-ranging scheme to overhaul its internal banking processes to prepare for banking in the future. Primarily, the bank overhauled its operational efficiency through automation.
To keep better controls on outstanding customer debts, ACB rolled out a debt management system project. The system tracks the progress of a loan, and can put loans into different categories, such as overdue debts and bad debts, as they develop. This can help the bank to focus on these overdue debts and settle them in a timely manner.
Customers have benefited from greater automation as the bank introduced a customer relationship management system, which enables the bank to manage customer information and the sales process effectively, while ensuring a high standard of customer service. Mobile banking has been improved with a modernized app developed through open source technology. A greater emphasis has been placed on the display of functions to make using the app more convenient.
Do Minh Toan, CEO at Asia Commercial Bank, says: “With a strong strategic vision as a leading bank in Vietnam, ACB targets strong financial results, risk management and business ethics; aims to be a pioneer in delivering products and services that meet the needs of customers in their life cycles; and invests in the development of its human resources.”
The bank’s influence has extended beyond finance by backing the ‘I Love the Journey of My Life’ education program. Covering primary school pupils to university students, the bank provides support in the form of financial scholarships and educational equipment.
ACB has also given a boost to the environment by deciding to go paperless. This has been achieved with the adoption of a digital document signing service, which removes the need for paper documentation. There were 11,000 documents being signed this way in the first four months of use.
According to The Banker, in terms of economics and politics, 2019 has been an uncertain year, with banks facing many challenges from trade wars to low or negative interest rates to the demands of digital and new regulations. Despite all this, entries to The Banker’s Bank of the Year awards 2019 show an industry that is thriving amid adversity.
The judges of The Banker were impressed by the strength of digital transformation efforts across the globe and at how banks are using the squeeze on net interest margins to improve efficiency and move their institutions into a new era. They have given awards in 138 countries this year, as well as six regional awards and of course the top prize for the best bank in the world. Mindful of how banks are increasingly trying to give back to their communities, they also offer an award for banking in the community and one for financial inclusion.
The Banker’s Bank of the Year awards have maintained their edge in attracting the highest quality of entries and keeping their place among the most prestigious of industry awards.
Founded in 1926 and based in London, The Banker is now one of the globe’s most prestigious international financial affairs and economics publications.
More information can be found on The Banker‘s website.
Source: Vietnam Insider
